Sheffield’s Drakehouse Retail Park sold for £61.7m

Hammerson plc, a London-based property development and investment company, confirmed today the sale of Drakehouse Retail Park in Sheffield to 90 North Real Estate Partners LLP for £61.7 million.

The sale price is ahead of the 31 December 2014 book value, and also represents a net initial yield of 6.4%.

Located seven miles south east of Sheffield city centre, Drakehouse is the steel city’s largest retail park at 21,000 m2.

The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M. In addition there is an 830 space car park.

This is just Hammerson’s latest successful venture in the region, just last month the company completed a deal that saw international luxury eyewear brand Cutler and Gross purchase a 900 sq ft storein Victoria Quarter in Leeds.

David Atkins, chief executive of Hammerson, said: “The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross.

“By recycling the proceeds we are ensuring that we continue to focus our resources on the assets and developments which we believe will provide the best opportunities to deliver greater shareholder value in the future.”

Hammerson was advised by Savills and 90 North Real Estate Partners LLP was advised by Staunton Whiteman.