Commercial Property News

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Tuesday, August 19, 2023

Knight Frank concludes Sheffield business investment

Property consultancy Knight Frank has helped pave the way for a multi-million pound investment deal at one of the city's burgeoning business locations.

Developer Wilson Bowden has sold J1 Riverside Exchange, part of its nine acre redevelopment of the former Exchange Brewery site, to clients of Danish company Danmerc in a deal worth more than 19m.

The Sheffield office of Knight Frank acted on behalf of Wilson Bowden in selling the development and MP2 advised the purchaser with de Morgan & Co.

J1 Riverside Exchange, which totals 75,610 sq ft (7,024sq m), is an attractive waterfront development that sits alongside the River Don, next to the city's law courts and on the edge of the principal retail area of the city centre, and features glazed elevations that offer dramatic views of the river. It is let off at a rent of 17.50 per sq ft.

Riverside Exchange is one of Sheffield's 11 designated City Centre Quarters, situated by the River Don. It is named after the Whitbread Exchange Brewery which was formerly located on the site of the current developments and incorporates the Victoria Quays.

Henrie Westlake, partner at Knight Frank, said: "This deal sends out a strong message about the vigour of Sheffield's commercial property market.

"Despite tough market conditions, Sheffield is still showing a thirst for growth and progression, reflected through strong market demand and the resulting high-quality developments which are continuing to make a positive impact on Sheffield's skyline, including the entire Riverside Exchange complex.

"J1 Riverside Exchange is now occupied by the Government's Home Office department, as is the adjoining building J2, which is a clear indicator as to the quality of the office units on offer at Riverside, and is yet another endorsement of Sheffield's growing demand for Grade A office space."

Riverside Exchange is within walking distance of city centre amenities including retail, restaurant, entertainment and leisure and is well placed for public transport including the Supertram in Castle Square, central bus station and the railway station with its frequent inter-city services.