NewRiver has announced that its joint venture with BRAVO Strategies III LLC (“BRAVO”) in which it holds a 10% stake has exchanged contracts to acquire The Moor, a 28 acre estate in Sheffield city centre, for £41m.
The Moor estate is located in Sheffield city centre and is close to the city’s railway station, council offices, and both Sheffield University and Sheffield Hallam University and is the city’s primary retail and leisure destination.
Centred around an open-air pedestrianised thoroughfare, the estate provides 680,000 sq ft of retail and leisure space anchored by Next, Sainsbury’s, and an occupier-owned Primark, alongside a 670-space car park, a nine-screen cinema and The Moor Market, a covered marketplace owned by Sheffield City Council.
NewRiver has identified the potential to develop up to 1,100 build-to-rent residential units and up to 300 purpose-build student accommodation units.
Allan Lockhart, Chief Executive of NewRiver commented: “The acquisition of The Moor with our joint venture partner BRAVO represents a rare opportunity to acquire a 28 acre estate in one of the UK’s largest and fastest-growing cities, at a very attractive price which is far below the breakup value of the site.
“Sheffield City Council has demonstrated that it is a forward-thinking and proactive local authority, and we look forward to working with them to deliver a vibrant and connected city centre.”