Sheffield resi block primed for £8.8m sale

Apollo Residence, a 69-apartment building developed by YPP for the student and professionals market is available through Cushman & Wakefield and Knight Frank.

Situated at the Furnival Square roundabout, where Furnival and Arundel Gates meet, the block is close to both universities, Sheffield railway station and the £470m Heart of the City.

Other development in the area includes Sheffield Hallam’s £140m Howard Street project.

Available freehold, the block is fully let subject to license agreements, and comprises 69 apartments: 44 studios, six one-bedroom flats and 19 two-bedroom.

The current contracted residential rental income is £828,948 per year, while the building’s two ground floor retail units are let at a combined passing rent of £42,000 per year.
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C&W and Knight Frank have been instructed to seek offers in excess of £8.8m, subject to contract exclusive of VAT. A purchase at this level would reflect a gross initial yield of 9.9%.

The Apollo Residence was a redevelopment by YPP Investments of the Sheffield Tower designed by Jefferson Sheard in the 1960s, previously housing the Amalgamated Union of Engineering Workers. Broadley was YPP’s contractor and Box Architects its designer.

Box’s design saw the addition of two storeys to make the block 11 floors tall.