Hammerson sells Sheffield’s biggest retail park for £62m

Kasmira Jefford
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HAMMERSON said yesterday it has sold Drakehouse Retail in Sheffield as it looks to focus on its other major developments in Croydon and Brent Cross.

The FTSE 100 property group has sold the 21,000 square metre retail park located to the south east of Sheffield city centre to 90 North Real Estate Partners for £61.7m.

The scheme, which is Sheffield’s biggest retail park, is fully let to tenants including Homebase, Currys and B&M.

The sale represents a net initial yield of 6.4 per cent.

Chief executive David Atkins said it will put the proceeds from the sale into its other major schemes, including the redevelopment of the Whitgift Centre in Croydon in partnership with Westfield.