Sheffield’s Drakehouse Retail Park hits the market with £51m price tag

Real estate investment manager 90North is looking to offload 17.5-acre Drakehouse Retail Park in Sheffield for £50.8m. JLL and Font Real Estate have been instructed as joint agents to find a new buyer for the site. According to Radius data, 90North bought the park in 2015 from Hammerson for £61.7m.  The scheme totals 232,358 sq ft across 17 shops and 784 car parking spaces. It is located seven miles south-east of the city centre, accessed via the A57 which links Sheffield to the M1. Key tenants include Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords and Starbucks. The park generates passing rent of £3.8m per annum. If sold at the asking price, the deal would reflect a net initial yield of 7%. Image © 90North