Joint venture pumps £1m into prominent city office building
Six floors of open plan office space in central Sheffield are undergoing total refurbishment after new owners GPF (NOH) Ltd invested up to £1m in the site.
New Oxford House on Barkers Pool has been bought for an undisclosed sum by joint venture GPF NOH Ltd as an equity investment purchase from Nationwide Building Society, who will continue to lease the ground floor along with health and wellbeing store Holland & Barrett.
The open plan office accommodation above the retail space, totalling more than 21,000 sq ft, is available to rent, after previous occupiers Nationwide and Arup, relocated.
Wake Smith Solicitors acted for GPF (NOH) Ltd on the purchase with corporate director Rebecca Robinson dealing with the equity investment details while commercial property director Neil Salter handled the building acquisition.
GPF (NOH) Ltd director, Jonathan Vardy, said: “This is a fantastic location and we believe a quality office refurbishment scheme will fill a gap in the market for this type of space. We are also keen to secure an exciting retail occupier for the vacant part of the ground floor.”
Neil Salter, director in the commercial property team at Wake Smith said: “It’s fair to say that there were a number of challenges in achieving exchange and completion, but we believe that we worked well with GPF and Nationwide’s solicitors to get to where we needed to be: the location of the property is remarkable.”
The refurbished offices are being marketed by Tim Bottrill at Colloco.
Additionally, New Oxford House will receive a new fully glazed office entrance and refurbished reception area. The building is also linked to the District Heating Network.
Bottrill added: “The refurbishment started immediately following the acquisition and the space will provide modern, contemporary office space in arguably, one of the most exciting locations in Sheffield City Centre.
“The space is able to accommodate a range of businesses, offering suites from 1,000 sq ft up to the full floors of 3,600 sq ft, or multiple floors and we have already agreed terms with a well known financial services company, who will be moving into the first floor in August.
“We have strong interest in other floors and are confident that our client’s investment and commitment to the building and Sheffield will be a success.”
