NewRiver has acquired Sheffield leisure and retail estate The Moor in a joint venture (JV) agreement with Bravo Strategies III, for £41m.

Located in the city centre, adjacent to Sheffield City Council’s £470m Heart in the City II regeneration project, The Moor is the city’s primary retail and leisure destination, covering providing 680,000 sq ft.

It is anchored next to Next, Sainsbury’s and an occupier-owned Primark, alongside a 670-space carpark, nine-screen cinema and The Moor Market.

The regeneration project hopes to deliver a vibrant mixed-use district in the city centre which connects all neighbouring quarters, and will generate up to 7,000 jobs.

The estate comprises 15 assets capable of being sold separately, which provides inherent liquidity and offers a range of mixed-use development opportunities, said NewRiver.

Mark Davies, CEO of Hawthorn and founder director of NewRiver – parent company of Hawthorn, said NewRiver continued to be acquisitive when the right opportunities arose.

“With cash and available liquidity to the business, and additional funds available when required, we expect further acquisition opportunities this year, for both our community retail and community pub owning businesses,” he said.

I’m really pleased to have got this transaction done and the priority remains over the next few days to get a viable and fair roadmap from our government so the great British pub sector can reopen in a safe and socially responsible way, in line with the conditions we worked to on the 4 July last year.”

Allan Lockhart, chief executive, NewRiver added: “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. This acquisition will generate very attractive returns for NewRiver, driven by sustainable rental income and capital growth through the redevelopment of parts of the estate, principally for residential uses.”

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