90 North completes on acquisition of Riverside East for £23.4million

90 North Real Estate Partners LLP (“90 North”) acting as Property & Investment Advisor and Sidra Capital (“Sidra”) acting as Strategic Advisor are pleased to confirm the acquisition of Riverside East, Sheffield, on behalf of Atherton Property Investment Limited.

Riverside East is a Grade A office building in Sheffield and fully-let to leading UK law firm Irwin Mitchell until 2027. The purchase price of £23.4M represents a net initial yield of 6.75%.

Completed in 2005, the 119,000 sq. ft. property forms part of the successful Riverside Exchange regeneration area, one of Sheffield’s eleven designated city centre Quarters.

Matthew Hills, Partner and Head of UK commented:

“The purchase demonstrates the continued demand from our Gulf based clients for high quality and stable income producing assets let to strong tenants in established locations.”

Nick Judd, Founder & Head of Investment at 90 North commented:

“In the face of geopolitical, economic and other headwinds facing the global economy in 2016, our message to investors is a typically British “Keep Calm and Carry On”. Whilst investor sentiment is fragile, demand for well let, modern commercial property in the UK, USA and Europe for the purposes of income generation and protecting wealth is currently undiminished.”

Muhammad Currim Oozeer, CEO of Sidra Capital commented:

“The property offers a unique income generating real estate investment proposition to our investors, providing them with a stable and strong cash yield. The UK property market will continue to attract significant interest from our clients.”

The Vendor was Caudwell Properties Limited. RY Partnership advised the purchaser. Lewis Ellis advised the vendor. Financing was provided by Santander.