£50.750.000
Confirmation
Dominat retail park in Sheffield
Sheffield, United Kingdom
Retail
#35102
Core+
27 Oct 2024
Property Details
Broker
For sale
232,358 sq.ft.
21,587 m²GIA
218.41 £/sq.ft.
2,350 £/m²7.00 %
20
Freehold
Fees
Investment Overview
The largest retail park in Sheffield, strategically situated 7 miles southeast of the city centre, accessed via the A57 which links Sheffield to the M1. Well-configured modern retail park comprising 17 units, arranged around a central car park, plus two drive-thru restaurant units. The scheme totals 232,358 sq ft GIA (21,587 sq m), with 784 car parking spaces (a ratio of 1: 296 sq ft). Strong tenant line-up; with an average Creditsafe Risk Score of 81.3 / 100. Key tenants include; Wickes, B&M, Pets at Home, Currys, JD Sports, Halfords and Starbucks. Established out-of-town retail and commercial destination, adjacent to Crystal Peaks Shopping Centre (600,000 sq ft), Crystal Peaks Retail Park (80,000 sq ft), Crystal Peaks Village (40,000 sq ft) and the newly developed Ergo Park – a 200,000 sq ft industrial / logistics park. Prominent trading position with proven tenant performance evidenced by recent lettings and re-gears across the park. Total passing rent of £3,796,202 per annum, which equates to an affordable average rent of £16.34 psf. Extensive customer reach, with substantial catchment of 585,030 people (248,010 households) within 20 minutes which is set to grow 7% by 2033. Secure income profile: WAULT of 6.2 years to expiries (4.5 years to breaks). Well managed scheme with future asset management opportunities. Class E (formerly Open A1 non-food) planning consent with certain restrictions. Large site area of 17.5 acres (7.08 hectares) providing a site cover of approximately 30%.
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