'Prime' Sheffield city centre office building acquired for £6.85m

Office building Riverside West in Sheffield has been acquired from Schroder Real Estate Investment Management in a £6.85m deal.

Adapt Real Estate, working alongside Ship Street Advisors and acting on behalf of UKRO, a Jersey domiciled fund focused on UK regional offices, completed the acquisition.

Savills, the real estate advisor, acted on behalf of the purchaser.

The five-storey office building, which totals 40,592 sq ft, is fully let to Irwin Mitchell until 2023 at an annual rent of £555k.

The premises 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, commented: “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.