City centre complex of buildings sold

First Degree Investment Management has acquired Devonshire Works, a landmark complex of buildings in Sheffield city centre, from Henry Boot Developments (HBD).

Devonshire Works is located within the Devonshire Quarter area of Sheffield city centre. It is a popular leisure destination, and benefits from excellent transport links, including major bus and tram routes.

During ownership by HBD a number of refurbishment programmes across the three separate components of the scheme; Alpha House, Parkhead House and Carver House have been completed. All three have benefited from refurbished common areas, lifts and entrances.

Simon Ross, Development Surveyor at HBD, said: “Having been part of the HBD portfolio for some years, it’s time to pass on stewardship for Devonshire Works; an important historical property in a sought-after area. It’s an attractive, well-connected heritage building, and I’ve no doubt that Devonshire Works will continue to perform well as a key city centre asset.”

Jonathan Vardy of First Degree Investment Management said: “We are delighted to have secured the acquisition of these iconic buildings from HBD. Devonshire Works is extremely well placed within the city centre and each phase of the Heart of the City II scheme will strengthen the location further.

“A significant portion of the mid-market office space in Sheffield has already been converted into other uses and we believe this has created an opportunity to provide good value offices, primarily for local SMEs. We are keen to retain existing occupiers where possible and are currently refurbishing the vacant offices on a speculative basis. Colloco & CCP have already been appointed to market the space, which will be ready for occupation later this year, and we are pleased to have already agreed terms with a local business for an office of 5,000 sq ft.”

With six regional offices, including its Sheffield headquarters, HBD is part of the 130-year old Henry Boot PLC, is one of the most progressive property companies in the UK. The developer is currently working with a commercial pipeline in excess of £1bn.