Glenbrook Investments has completed the £3million freehold acquisition of Commercial House in Sheffield, achieving a Net Initial Yield of 12.7%.
Situated adjacent to Ponds Forge International Sports Centre, in the heart of Sheffield Hallam University’s City Campus, the former Barclays Bank headquarters is predominantly let to law firm, Knights plc, and comprises 33,000 sq ft arranged over basement, ground and four upper floors. The offices are let until December 2024. The total passing rent from the building is £404,250 per annum.
Scott Griffiths, Investment Director at Glenbrook Investments, commented: “Commercial House provides a high-quality income return until December 2024 from an attractive building that is well positioned within Sheffield city centre for both access and amenities. The ambition of Sheffield City Council to reposition the City through targeted investment makes it a very interesting proposition for investors. We look forward to bringing forward our vision for the building as we seek to maximise its potential as a landmark office.”
Connor Rogers at Cushman & Wakefield, which represented Glenbrook Investments, continued: “The transformation of the immediate area led by the redevelopment of Fitzalan Square, part of the City’s £5m Knowledge Gateway programme, and the proximity to Sheffield Hallam and the City’s amenities, will allow Glenbrook to adapt its strategy to suit future market conditions.”
This is Glenbrook Investments first acquisition in Sheffield but follows recent purchases across Yorkshire including Albion Court in Leeds and the Tolsa warehouse in Scunthorpe.
Nick Wales at Knight Frank acted for the seller and Connor Rogers at Cushman & Wakefield and Brabners acted for Glenbrook Investments.
The building was purchased from a private vendor.
