Hammerson’s Drakehouse retail park in Sheffield, South Yorkshire, is under offer to 90 North, the real estate firm backed by James Caan.
A sale at £63.5m – a 6.3% yield – has been agreed for the 230,100 sq ft retail park, which is the largest in Sheffield.
Drakehouse is fully let to 18 tenants with a weighted average unexpired lease term of around nine years and a current passing rent of £4.2m pa.
Tenants include Homebase, Halfords, Oak Furnitureland, Sports Direct, Poundstretcher, Currys, Harveys, Smyths Toys, Wickes, ScS, Pets at Home, Maplin, JD Sports and McDonald’s.
Hammerson bought the retail park, located seven miles south-east of Sheffield city centre, in 2003 for £60.2m, a 5.4% yield.
It is the latest in a string of recent acquisitions by 90 North, which invests predominantly on behalf of Middle Eastern clients. Recent purchases include the FBI’s regional HQ in Denver, Colorado, and the Lenovo Enterprise Campus in North Carolina, both in the US.
Savills advised Hammerson; Stockford Staunton acted for 90 North.
