Sheffield’s largest retail park sold for £61.7m

THE largest retail park in Sheffield has been sold by developers Hammerson for £61.7m to 90 North Real Estate Partners.

Drakehouse Retail Park is a few miles south-east of the city centre and has 226,000 sq ft of space, which is fully let. It is home to 19 tenants, including Homebase, Currys, Wickes and B&M, and has 830 car park spaces.

David Atkins, chief executive of Hammerson, said: “The disposal of Drakehouse enables us to reallocate capital across our retail portfolio, including to our significant London retail development projects at Croydon and Brent Cross.

“By recycling the proceeds we are ensuring that we continue to focus our resources on the assets and developments which we believe will provide the best opportunities to deliver greater shareholder value in the future.”

Hammerson, which has owned the retail park since 2003, was advised by Savills and 90 North Real Estate Partners LLP was advised by Staunton Whiteman.