Hammerson is selling the Drakehouse Retail Park in Sheffield to 90 North Real Estate for £61.7m. The sale price is equivalent to a net initial yield of 6.4% and is ahead of the valuation they had in their books as at 31 December 2014 (though they don’t say by how much). At 21,000 m(2) Drakehouse is Sheffield’s largest retail park, located seven miles south east of Sheffield city centre. The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M. In addition there is an 830 space car park.
Hammerson say they’ll put the money towards their big retail schemes in Croydon and Brent Cross.
HMSO : Hammerson sells Sheffield retail park