Sheffield’s largest retail park handed £51m price tag
The largest retail park in Sheffield has been placed on the market with an asking price of £50.75m, reflecting a net initial yield of 7%.
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 and has a weighted average unexpired lease term of 6.2 years to expiry and 4.5 years to break.
Drakehouse Retail Park – which spans a gross internal area of 232,538 sq ft – 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.
Font Real Estate and JLL have been appointed to market the asset.