Greenridge Investment Management has put Hartshead Square, a prime city centre mixed-use commercial development in the heart of Sheffield, UK, up for sale for €47 mln.
The asset provides nearly 300,000 sq ft (28,000 m2) and is fully let with a remaining lease length of over 10 years. The current passing rent from the property is just under €3.4 mln.
Greenridge's director, Bik Bhuptani, said: 'With The Secretary of State 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-ash return in excess of 10% per annum.'
Greenridge Investment Management is being advised by Knight Frank.
'In a market short of opportunities, Hartshead Square presents an attractive Sharia-compliant investment with exceptionally secure income, the majority of which benefits from RPI (retail price index) increases,' added Knight Frank's director, Rebecca Farnsworth.