Hines UK has made a significant investment in South Yorkshire, acquiring Sheffield’s largest retail park—Drakehouse Retail Park—for £50.75 million. The purchase from 90 North Real Estate Partners reflects a net initial yield of 7.0%.

Covering 232,538 sq ft, the prominent out-of-town retail destination features 17 retail units arranged around a central car park with 784 spaces, as well as two standalone drive-through restaurant units.

The park boasts a strong line-up of national retailers, including Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords, and Starbucks. According to marketing materials released in September 2024, the scheme had a weighted average unexpired lease term of 6.2 years to expiry and 4.5 years to break.

Drakehouse Retail Park currently generates an annualised passing rent of £3.8 million—equivalent to £16.34 per sq ft.

Situated seven miles south-east of Sheffield city centre, the park is positioned within a well-established retail warehousing hub. Nearby retail assets include the 600,000 sq ft Crystal Peaks Shopping Centre, the 80,000 sq ft Crystal Peaks Retail Park, and the 40,000 sq ft Crystal Peaks Village.

Following the acquisition, Curson Sowerby and Font Real Estate have been appointed as joint agents for the asset by Hines. Green & Partners advised Hines UK on the deal, while Font Real Estate and JLL represented the vendor.

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