Hammerson has continued its expansion into the out-of-town retail market with the£60.2 million acquisition of the Drakehouse Retail Park in Sheffield from Capital & Regional's Junction limited partnership.
The investment will yield 5.4 per cent once outstanding rent reviews have been settled.
At 220,000 sq ft (20,440 sq m), the Drakehouse Retail Park is the largest retail park in Sheffield, occupying a 17 acre (7ha) site seven miles southeast of the city centre. It provides 18 units and 834 car parking spaces.
The scheme has a partially open planning consent, and tenants include Focus DIY, Co-op Homestore, Currys, Comet and Carpetright - generating£3.3 million in rental income.
Hammerson chief executive John Richards said: 'The retail park sector continues to perform very strongly. At Drakehouse there are further opportunities to improve the income through rent reviews and the introduction of new tenants.'
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