Hines acquires Sheffield’s largest retail park for £50m
Hines UK has acquired the largest retail park in Sheffield from 90 North Real Estate Partners for £50.75m, reflecting a net initial yield of 7.0%.
Spanning 232,538 sq ft, Drakehouse Retail Park comprises 17 units arranged around a 784-space central car park, plus two additional drive-through restaurant units.
The asset is let to retailers including Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords, and Starbucks.
According to marketing material from September 2024, the scheme had a weighted average unexpired lease term of 6.2 years to expiry and 4.5 years to break.
Drakehouse Retail Park generates an annualised passing rent of £3,796,202, equating to £16.34 per sq ft.
The scheme is located seven miles south east of Sheffield City Centre in an established out-of-town retail warehousing area. Nearby assets include the 600,000 sq ft Crystal Peaks Shopping Centre, the 80,000 sq ft Crystal Peaks Retail Park, and the 40,000 sq ft Crystal Peaks Village.
Curson Sowerby and Font Real Estate have been appointed as joint agents to the scheme by the new owner.
Green & Partners advised Hines UK, whilst Font Real Estate and JLL acted for the vendor.