Sheffield city centre's Acero acquired in £26.6m deal by real estate manager APAM

APAM, the UK real estate asset and investment manager, has acquired Acero in Sheffield for £26.6m on behalf of its client, Britannia Invest A/S.

Acero, developed by Scarborough International Properties Limited (SIPL) and its joint venture partner Metro Holdings of Singapore (Metro), forms part of the Sheffield Digital Campus.

The campus is situated on Concourse Way, close to the city centre, directly opposite Sheffield Railway Station and adjacent to the city’s bus interchange.

Totalling over 80,000 sq ft across six floors, the BREEAM ‘Excellent’ rated Acero was completed in July 2017 and comprises a combination of large, open plan and flexible floorplates of up to 15,000 sq ft.

The property also provides a triple-height reception, 62-space car park, secure cycle parking and high-quality shower facilities.

As of now, the property is currently multi-let to three tenants, co-working provider Spaces, Atkins and Simcyp, who combined have taken over 47,000 sq ft since completion last year.

Chris Taylor, director at APAM, commented: “Thanks to its connectivity, high-quality design and adaptable office space, suitable for a wide range of businesses, Acero is in our opinion the best office building in Sheffield.

“Sheffield Digital Campus offers exceptional office space and has been a fantastic boost for the city’s office market. We are hugely looking forward to welcoming a wide range of businesses to Acero and building on the success already seen at this development.

“We continue to seek high-quality multi-let regional office opportunities for Britannia across the UK where we can utilise our active asset management expertise.”

Tim Cameron-Jones of Cushman & Wakefield, added: “Having acquired the first building in this innovative development for the City Council, I have watched with great interest as Scarborough deliver further successful phases of development.

“I am delighted to have advised Britannia Invest A/S and APAM on the acquisition of what is the best-in-class in Sheffield.”

Simon McCabe, joint chief executive of Scarborough International Properties, also said: “This sale marks the completion of a project which began as a speculative development opportunity that the team has taken through construction, leasing and ultimately onward sale to an investor.

“Acero is widely considered to be one of the highest-specification offices in the region. We will now be looking to bring forward the final phase of Digital Campus.”

Cushman & Wakefield acted on behalf of APAM. Knight Frank and Lambert Smith Hampton acted on behalf of Scarborough.