Member Article

Prime Sheffield office building fetches £1.8m

A £1.775m deal has been closed on a much sought after office building in Sheffield.

The 42,312 sq ft Porterbrook House, located at a prime residential, leisure and retail area on Pear Street, off Ecclesall Road, has been sold to a private property company, represented by BNP Paribas Real Estate, in a sale overseen by joint sales agents Knight Frank and Clarke Nickolls and Coombs Ltd.

The office building, which was sold on behalf of BFS Managed Property Holdings, was subject to a ‘flurry’ of bids before being secured by BNP Paribas Real Estate on behalf of a private property company.

Sheffield City Council has designated the site and surroundings of Porterbrook House a ‘Business Area’ to stimulate economic growth, boost retail provision and unlock development potential.

Porterbrook House, which was constructed in the 1980s, is situated less than a mile from Sheffield city centre, approximately 300 metres from the main ring road and is within five miles of Junction 33 of the M1.

The building is made up of three four-storey, predominantly open plan, office blocks, and remains the principal location for tenants, The Department for Work and Pensions, whose lease runs until December 2014.

Knight Frank associate Rob Hepworth said: “This property offered interested parties a high yielding investment deal which led to a competitive bidding situation – and it’s not hard to see why.”

“As well as offering a very attractive yield there is also excellent potential to redevelop the building for a number of alternative uses, subject to the relevant planning permission.”

One of Sheffield’s prime retail and leisure locations, Ecclesall Road is home to large-scale office and retail occupiers including Aviva, Regus, Waitrose and M&S, together with a number of fashionable and independent boutiques, bars and restaurants.

This was posted in Bdaily's Members' News section by Mark Lane .