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Avison Young acquires prominent Retail Park in Sheffield on behalf of Wesleyan Assurance Society
Strategic real estate advisor Avison Young acted on behalf of Wesleyan Assurance Society in acquiring the freehold interest in Heeley Retail Park in Sheffield for £15.4m.
Strategic real estate advisor Avison Young acted on behalf of Wesleyan Assurance Society in acquiring the freehold interest in Heeley Retail Park in Sheffield for £15.4m, reflecting a net initial yield of 6.80%. The vendor was Mayfair Capital.
The park sits on a 6.49 acre site and provides 77,006 sq ft of modern retail warehouse accommodation arranged across a single terrace of five units and a ‘pod’ unit.
Heeley Retail Park benefits from an unrestricted A1 planning consent and is fully let to Currys, Boots, The Food Warehouse, Poundland, Matalan and Costa with a WAULT of 5.2 years.
Strategically situated in a prominent location along the A61 (Chesterfield Road), a recognised destination for out-of-town retail, Heeley Retail Park is 2 miles south of Sheffield City Centre – a key location within the Northern Powerhouse.
Matt Grainger of Wesleyan said:
“Heeley Retail Park serves a densely populated catchment of over 375,000 people within a 15-minute drive time, providing a core strategic location for all six national operators.
The majority of rents have recently been rebased, providing affordable and sustainable rents moving forward. We are delighted to add this investment to our growing portfolio.”
Jack Lloyd, Director, Retail Investment at Avison Young, said:
“The out-of-town retail sector continues to see strong demand from institutional investors, and we are delighted to have been able to secure another high-quality retail asset for Wesleyan.”
Avison Young’s retail team transacted £800m across 32 deals during 2021 and expect investor demand to remain strong in 2022.
