Meadowhall Retail Park sold for £40m

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​​Legal & General Property​ has bought Meadowhall Retail Park​ in​ Sheffield​ for​​ ​nearly £40m.

The retail park, which is in close proximity to​ its better known neighbour​ Meadowhall Shopping Centre​, has discount supermarket Aldi and budget store B&M Homestore as anchor tenants.

It is also home to furniture store The Range, toy shop Toys ’R’ Us, electricals retailer Currys, PC World, Carpetright and The Carphone Warehouse.

​It has 215,000 sq ft of purpose-built retail space and is currently 95 per cent let. It also has a Pizza Hut and McDonald’s.

Legal and General said the park, which was sold by Standard Life Investments UK Retail Park Trust for​ £39.5m, benefits from the adjacent Valley Centertainment, which has a Cineworld and Hollywood Bowl as well as several dining destinations.

Mark Russell, ​s​enior ​f​und ​m​anager ​at Legal & General’s​ ​m​anaged ​p​roperty ​f​und, ​said: “The acquisition of Meadowhall Retail Park supports the ​f​und’s strategy to acquire strong assets that offer quality income and further potential to add value through active asset management initiatives.

“Meadowhall Retail Park is a fundamental part of Sheffield’s strong out-of-town retail offer, with an attractive retailer base that complements that of the nearby Meadowhall Shopping Centre and the Sheffield city centre.

​“​In addition, it benefits from close proximity to good transport links, including Carbrook Tram Station, and has plenty of parking to make it a highly desirable retail destination.”

Wilkinson Williams advised the vendor, while Savills represented ​​Legal & General Property​.