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 five-storey office building, which totals 40,592 sq ft, 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, and the property is situated immediately adjacent to their national head offices. Irwin Mitchell is the 11th largest law firm in the UK, having been founded in Sheffield in 1912.
Adam Fletcher. Partner at ADAPT comments “Riverside West is a prime city centre office investment offering a secure income at an attractive yield and will be an excellent asset to kick start UKRO’s aspirations to grow a high quality UK regional office portfolio. ADAPT is delighted to be acting as the UK delivery partner for this exciting new regional office fund”
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