Hines has acquired Sheffield’s largest retail park, Drakehouse Retail Park, from 90 North Real Estate Partners for £50.7m, reflecting a net initial yield of 7%.
The 232,358 sq ft retail park comprises 17 retail units and benefits from 784 car parking spaces. The current occupiers include Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords, and Starbucks.
The park generates a total passing rent of £3.7m per annum, equating to £16.30 per sq ft and has a weighted average unexpired lease term of 6.2 years to expiry and 4.5 years to break.
Hines has appointed Curson Sowerby Partners and Font Real Estate as joint agents for the asset.
Drakehouse was acquired by 90 North in 2015 from its previous owner Hammerson for £61.7m.
JLL and Font Real Estate acted on the sale, while Green & Partners advised Hines.
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