Owner of Debenhams on The Moor in 'advanced discussions' with potential occupiers of Sheffield store
“Sheffield is the UK's 7th largest city by population, and The Moor itself benefits from a diversified income profile, affordable rents and a strong occupier base”
The former Debenhams store in Sheffield city centre is closer to coming back to life after the owner revealed “advanced discussions” over its future.
NewRiver, the company that owns The Moor, revealed it was expecting the disused department store to deliver “significant income and capital growth” as part of a “clear plan.”
It acquired the building in 2024 ahead of an auction where it was listed for just £1.
It said: “We have a clear plan to drive further income and capital growth, centred on re-anchoring the former Debenhams unit, which was recently acquired off a low capital value and is expected to deliver significant income and capital growth, with advanced discussions with potential tenants ongoing.”
NewRiver acquired The Moor for £41m from Aberdeen Standard Investments in 2021. It includes 80 units and a 670-space car park.
The deal was a joint venture with BRAVO Strategies III LLC.
Last month NewRiver said it had bought out BRAVO, taking its ownership to 100 per cent.
Recent lettings to HSBC, Oseyo, Five Guys and Popeyes, demonstrated strong demand, it added.
In a statement it said: “Having asset managed The Moor since 2021, we know this 20-acre city centre estate exceptionally well.
“Acquiring The Moor at a significant discount to its March 2026 valuation and at a 10 per cent net initial yield reflects our disciplined approach to capital allocation - investing where we understand the opportunity and can see a clear route to creating further income and capital growth.
“The transaction also marks the successful conclusion of our capital partnership with BRAVO, which has delivered an internal rate of return to NewRiver REIT of around 21 per cent.
“That is an important part of our story: capital partnerships allow us to use our platform, our relationships and our asset management capability to create value beyond the balance sheet alone.
“Sheffield is the UK's 7th largest city by population, and The Moor itself benefits from a diversified income profile, affordable rents and a strong occupier base, anchored by Primark, Sainsbury's, Next, Sports Direct and The Light cinema.”