Prime Sheffield office building changes hands for £6.85 million

21 November 2017

ADAPT Real Estate, working alongside Ship Street Advisors, and acting on behalf of UKRO, a Jersey domiciled fund focused on UK regional offices, has acquired Riverside West in Sheffield from Schroder Real Estate Investment Management for £6.85 million. The deal reflects a net initial yield of 7.60%. International real estate advisor Savills, acted on behalf of the purchaser.
 
The five-storey office building, which totals 40,592 sq ft (3,771 sq m), is fully let to Irwin Mitchell until 2023 at an annual rent of £555,000.  It is located within Riverside Exchange, one of Sheffield’s largest office and retail regeneration schemes, where occupiers include the Home Office, Howells Solicitors and the Department for Environment, Food & Rural Affairs.  
 
Mark Wilson, associate director in the investment team at Savills Leeds, comments: “Riverside West is a prime city centre office investment offering a secure income at an attractive yield and will be an excellent addition to our client’s portfolio.”
  
Schroder Real Estate Investment Management was represented by Singer Vielle and Steadman Brierley.

 
 

Key Contacts

Mark Wilson

Mark Wilson

Associate Director
Investment

Savills Leeds

+44 (0) 113 220 1254

 

Rebecca Allen

Rebecca Allen

PR Officer
Commerical Marketing & Press

Savills Margaret Street

+44 (0) 207 409 8937