Sheffield office building sold to private property company
A PROMINENT Sheffield office building has been sold for almost £2m to a private property company.
Porterbrook House, located on Pear Street, off Ecclesall Road – one of Sheffield’s prime retail and leisure locations – was sold for £1.775m.
The private property company was represented by BNP Paribas Real Estate, in a deal overseen by joint sales agents Knight Frank and Clarke Nickolls and Coombs.
Sold on behalf of BFS Managed Properties Holdings, the building occupies a prominent position adjacent to the vibrant Ecclesall Road area.
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.
The area is also a strong office location with multiple high profile occupiers. 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.
The 42,312 sq ft 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.”
Built in the 1980s, Porterbrook House 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.
