Evolve Estates, the national commercial property investment company, has acquired Hillsborough Barracks in Sheffield, for an undisclosed sum – its second major purchase of 2021.
Set within a walled estate of 11.5 acres, the grade II listed Hillsborough Barracks comprises a shopping parade with converted offices and separate office buildings within a walled estate.
The estate was originally used as a War Office in 1848 and was repurposed 40 years ago as a retail and business destination, with multi-storey car park, local shopping parade, offices, The Garrison Hotel and McDonalds, both of which have long leasehold. Also included in the sale is Dragoon Court, an office building that has planning permission to be converted into 32 one-bedroom residential units.
The Parade, which was brought to market by Opus North LLP with an asking price of £4.2m, is anchored by Morrison’s, which was not included in the sale, and has a mix of high street and independent traders, including Poundland and Extra Care Charity Trust.
Joe O’Keefe, of Evolve Estates, said: “We’re pleased to have completed the acquisition of this superb mixed-use site in Sheffield, which has a strong retail centre, a good office complex offer, and excellent transport links to the city centre and local residential areas.
“We recognised the huge potential of this site, so were keen to bring it into our increasing portfolio of local district centres and convenience parades. We’re looking forward to working with local retailers, businesses and organisations to see how we can best add value to our purchase and benefit the local community.
“This deal marks our second acquisition of 2021, which demonstrates our confidence in the sector in the medium and long term and our positive plans for growth.”
Commercial property investment company LCP has been appointed to manage the centre for Evolve Estates, which is part of the LCP group of companies.
Simon Eatough, LCP asset management, said: “We have a reputation for intensive asset management and attracting high street names to retail centres, so we’ll be working closely with Evolve and getting to know the tenants of Hillsborough Barracks to ensure we play a central role in building a strong, community-focused shopping parade that gives locals the retail stores they need and want on their doorstep.”
Prime acted as agents for Evolve Estates, with Allsop acting for Opus North LLP.
Last month, Evolve Estates acquired Swanley Square in Sevenoaks, Kent.
Hillsborough Barracks occupies a prominent position, between Penistone Road (A61) and Langsett Road, approximately 2.5 miles north west of Sheffield City Centre.
