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Bik Bhuptani

Sheffield Commercial Development for £41m

Hartshead Square, a mixed use commercial development in Sheffield city centre, is being launched to the market by Greenridge Investment Management for a price tag of £41 million. The current passion rent from the 300,000 sq. ft. asset is just under £3 million per year. “With NCP recently secured on

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BDC 317 : Jun 2024

Bik Bhuptani

Sheffield Commercial Development for £41m

Hartshead Square, a mixed use commercial development in Sheffield city centre, is being launched to the market by Greenridge Investment Management for a price tag of £41 million. The current passion rent from the 300,000 sq. ft. asset is just under £3 million per year. “With NCP recently secured on a long-term lease, The Department of Work and Pensions openly stating that they wish to remain at the property and significant ongoing investment and development into Sheffield, this is an asset that still has huge potential for growth. An acquisition at this level, based on indicative debt terms, would produce an attractive cash on cash return in excess of 10% pa,” said Bik Bhuptani, Greenridge director. Advising Greenridge Investment Management is the Leeds office of Knight Frank. According to Rebecca Farnsworth, director of the Leeds office of Knight Frank, Hartshead Square is an attractive Sharia investment with a secure income in an exciting and evolving city to invest in. “Sheffield is experiencing unprecedented change with £1.3bn to be invested in the region. With major global companies such as McLaren and Boeing announcing new purpose built facilities in the region, Sheffield is being firmly placed on the radar of international investors,” said Rebecca. “The immediate vicinity of Hartshead Square is being upgraded with a number of redevelopments including residential, student residential, hotel and the creation of a tech hub, increasing the vibrancy and diversity of the area,” she added. Headquartered in London, Knight Frank has 411 offices in 59 countries and employing more than 14,000 members of staff. The team there builds long-term relationships, which allow them to provide personalised, clear and considered advice on all areas of property in all key markets. They believe personal interaction is a crucial part in ensuring that every client is matched to the property that suits their needs best, be it commercial or residential.

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