Law firm’s offices acquired in multi-million pound deal

A Sheffield office building, home to Law firm Irwin Mitchell, has been bought 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, has acquired Riverside West Schroder Real Estate Investment Management.

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.

The deal reflects a net initial yield of 7.60%.

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, said: “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.

Savills acted on behalf of the purchaser.