Hammerson has completed the sale Drakehouse Retail Park in Sheffield to 90 North Real Estate Partners in a deal reportedly worth £61.7 million. The 226,000 sq ft retail park is fully let to occupiers including Homebase, Currys, Wickes and B&M.
Hammerson Chief Executive, David Atkins, says the company will reallocate the capital across its retail portfolio including its current London development schemes at Croydon and Brent Cross.
“By recycling the proceeds we are ensuring that we continue to focus our resources on the assets and developments which we believe will provide the best opportunities to deliver greater shareholder value in the future,” he said.
The news follows announcements from Hammerson about retailer expansions and additions to the occupier line-up at two of its regional shopping centres.
At the Bullring in Birmingham Topshop is expanding its presence by upsizing into a new 36,000 sq ft unit spread across two floors. This will make it the third largest Topshop in the UK, just behind its Liverpool and London Oxford Street branches. The new store will be open just in time for Christmas.
Also at the Bullring, River Island has upsized into a 33,000 sq ft store located on the Upper Level. River Island has chosen the Bullring to début its Style Studio concept which allows customers to book appointments and receive in-store advice from expert stylists.
The expansion of Topshop and River Island are the latest in a list of recent additions to the Bullring’s Upper Level following the arrival of Ted Baker, Victoria’s Secret and Zara’s first stand-alone menswear store before Christmas. Michael Kors and Whistles also joined the Upper Level’s occupier line-up last year.
Assistant Director of Retail Leasing at Hammerson, Sarah Mander, said: “Topshop and River Island choosing to significantly increase their presence at Bullring clearly demonstrates the centre’s dominance as arguably the most important UK destination for retailers outside of London, as well as its position at the heart of Birmingham’s retail and leisure offer.
“To ensure Bullring remains at the forefront of retail we continue to focus on securing international brands and introducing new concepts to the UK”.
In addition Hammerson has today announced that a 9,000 sq ft Victoria’s Secret store is scheduled to open at The Oracle in Reading before the end of the year.
Located on the upper mall next to Debenhams and Apple, it will be the ninth Victoria’s Secret store in the UK and a third for Hammerson’s portfolio, following the previously mentioned Bullring opening and another at Brent Cross.
The new store will showcase the internationally renowned lingerie brand’s latest collections and beauty products from its Victoria’s Secret PINK lifestyle brand.
Martin Bull from Hammerson, commented: “Attracting leading global retailers to The Oracle such as Victoria’s Secret is further evidence of the centre’s position as one of the UK’s most successful premier retail destinations.
“Maintaining The Oracle’s strong retail, dining and leisure mix ensures shoppers in the Thames Valley region are able to enjoy a London standard shopping experience in Reading”.
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