February 3, 2021
Fiera Real Estate and Opus North are delighted to announce the sale of their 86,000 sq ft mixed use shopping centre and office asset in Sheffield.
The scheme was acquired in 2015 on behalf of the Palmer Capital Development Fund III (“PCDF III”), as part of a wider £89m portfolio of Morrisons supermarkets and neighbourhood shopping centres.
Over the course of PCDF III’s ownership, successful asset management initiatives meant that the passing rent increased by 9%, and more recently, achieved a rent collection rate of 90% during the pandemic, which is a testament to the strong tenancies located at the scheme.
Hillsborough Barracks, which also includes Dragoon Court, an office development which has planning permission for a change-of-use to residential of up to 32 one-bedroom units, has been sold to Evolve Estates, a commercial property investment company, who were advised by Prime.