Sheffield retail park sold in multi-million pound deal

ST MARY’S Road Retail Park in Sheffield has been sold for almost £8m.

Property firm LondonMetric announced this morning that it has sold the South Yorkshire-based retail park to Henderson Global Investors for £7.7m.

The 28,700 sq ft retail park in Sheffield was acquired in May 2011 for £2.4m having been void on acquisition. Following a material refurbishment, the accommodation was let to both DFS and Wren Kitchens. 
 
Chief executive of LondonMetric, Andrew Jones, said: “These disposals clearly endorse the validity of our business model by demonstrating the potential value that can be created through institutionalising good quality secondary stock and demonstrates the depth of demand amongst institutional investors for well let real estate assets. The disposals allow us to crystallise attractive profits on cost and recycle our equity following completion of the asset management initiatives.”
 
Strutt & Parker advised Henderson on the purchase of Mansfield and Sheffield.