Cheers! Ward’s Brewery sold in a £18 million property deal
Date: 2nd June 2006 | 
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Knight Frank has sold the entire second phase of apartments at Sheffield’s prestigious Ward’s Brewery in a £18 million deal – one of the biggest ever seen in the city.
The Queen Street agency has brokered the deal on behalf of Sheffield developer JF Finnegan, which is masterminding an ambitious mixed-use regeneration of the historic brewery site in easy reach of the city centre.
Ward's Brewery has been sold to investment company Summertime Properties and is one of the largest residential deals ever done in Sheffield. In addition to an extremely high quality office element, the scheme involves 139 studio, one and two-bedroom properties and is located on the premier address of Sheffield - Eccleshall Road.
The Ward’s Brewery sale was brokered by Knight Frank, which works with a large number of major investors, including Summertime. Last year Knight Frank secured several deals across Yorkshire with Summertime, totalling more than £100 million.
Anne Haggas, Partner at Knight Frank’s residential developments team in Leeds, said: “Summertime has made big acquisitions in Leeds and is building a reputation of buying only the best – looking for a combination of best location, high specification and competitive price. The company’s purchase at Ward’s Brewery underlines how well the Sheffield city centre property market is performing and how good the scheme is. It is a huge vote of confidence in the city centre and the future of Sheffield.”
Sheffield has one of the most buoyant city residential property markets in the country, with prices of around £110,000-£130,000 for a one-bed apartment and £150,000-£200,000 for a two-bed apartment, depending on the location and quality of the scheme.
This city’s lettings market is also vibrant. Rental levels compare favourably with Leeds and York, where city centre prices are well above £250 per sq. ft. The residential sector in Sheffield is still in its infancy, compared to its neighbour Leeds or cities, such as Manchester and Newcastle, offering strong potential for growth, say property experts at Knight Frank.
Sheffield’s city centre property sector has become big business in the past few years. Between 1995 and 2005 there were 2,500 new apartments completed in Sheffield city centre and between now and 2015 another 4,500 are anticipated. The city centre population is currently 9,000, but figures from Knight Frank show that this is likely to rise to 14,000 – a massive 56 per cent increase – by 2015.
Ward’s Brewery is a mixed-use development of seven storeys. The scheme, which is due for completion in December 2007, will also include restaurant and leisure facilities, along with much-needed grade A office accommodation.
Manoj Raithatha, managing director of Summertime Properties, said: “We were eager to buy at Ward’s Brewery because it is one of the prime sites in Sheffield and prices in the city show tremendous growth potential when compared to Leeds or Manchester.
“Sheffield is a city in the middle of a fantastic regeneration programme, which is transforming it into one of the most attractive centres in the UK. Ward's Brewery is a high quality scheme – just the sort of development that Summertime looks for – and we think it will prove to be very popular with our investors.”
For further information, please contact:
Richard Baguley or Tom Ainge, GDR Public Relations
Tel: 01253 881900 or 07715 373 166
Emma Stanley-Evans, Knight Frank press office
Tel: 020 7861 1068
Notes to Editors
Knight Frank
London-headquartered Knight Frank and its New York-based partner Newmark Knight Frank operate from over 140 offices in established and emerging property markets on five continents. Last year, the companies handled transactions valued at over $41 billion with annual revenues of over $545 million. With a combined staff of 4,500, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information about the Company, please visit www.knightfrank.com