New owners for Sheffield’s Heeley retail park
A corporate pension fund client of Savills Investment Management, represented by Savills, has sold Heeley retail park in Sheffield to Mayfair Capital for £17.167m, reflecting a net initial yield of 7.15 per cent.
The retail park is fully let and comprises six units, a Costa Coffee pod and 289 car parking spaces, generating an annual income of £1.31m. Heeley retail park provides 77,170 sq ft (of retail space and is let to Boots, Next, Pets at Home, Matalan, Currys PC World and Poundworld.
The park is situated two miles to the south west of Sheffield city centre on the A61 in an established pitch for out of town retailing, with nearby occupiers including B&M, Halfords and Lidl.
Lucy Winterburn, director of investment at Savills Investment Management, said: “Heeley Retail Park was very much a legacy asset in our client’s portfolio. Sale proceeds will be reinvested into new speculative and pre-let development opportunities predominantly in the industrial sector, where we continue to see strong performance potential.”
Mayfair Capital was advised by Montagu Evans.