Hines has acquired Sheffield’s largest retail park, Drakehouse Retail Park, from 90 North Real Estate Partners for £50.7m, reflecting a net initial yield of 7%.
The 232,358 sq ft retail park comprises 17 retail units and benefits from 784 car parking spaces. The current occupiers include Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords, and Starbucks.
The park generates a total passing rent of £3.7m per annum, equating to £16.30 per sq ft and has a weighted average unexpired lease term of 6.2 years to expiry and 4.5 years to break.
