31m Pomona deal led the way in first quarter

The £31.4m sale of the Pomona Business Centre in Sheffield ranked in the top major regional office investment deals completed nationally in the first quarter of 2014, according to research by Knight Frank.

The 131,000 sq ft business centre on Pear Street, formerly Norwich Union House, was purchased by American Realty Capital Global Trust from vendors Hudson Advisors UK Ltd in March this year.

It was one of three properties owned by the estate of deceased Irish property tycoon Patrick Rocca and is 100% leased to Aviva Life & Pensions UK Limited until June 2029.

Rob Hepworth, Sheffield-based associate at Knight Frank, said: “Investor appetite for regional offices remains strong with activity being constrained by the scarcity of available stock. The strong weight of money chasing limited product continues to put pricing under pressure.”