Standard Life Investments has bought the Meadowhall Retail Park near Sheffield from Eddie Healey’s Stadium City for £32.2m. The deal reflects an initial yield of around 6.4%.
The 19,509m2 (210,000 sq ft) park is fully let to tenants, including Toys ‘R’ Us, Currys, PC World and Homebase. All the occupiers are on 25-year leases from 1992, with five-yearly rent reviews.
The park did not go to best bids, but several investors were interested.
Standard Life’s Mike Hannigan said: “Meadowhall has an excellent tenant mix and benefits from proximity to the shopping centre.”
Mason & Partners acted for Stadium, while Edgerley Simpson Howe acted for Standard Life.
