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.
