Clothing retailer to open global distribution centre
Popular British clothing brand Jack Wills is to take 390,000 sq ft space in Sheffield, which will become the firm’s global distribution centre.
Clearbell Capital, the private equity real estate fund manager, has announced the letting of Parkway Works. Jack Wills has signed a new 10-year lease with break option in year six for warehouse accommodation totalling 390,000 sq ft (36,232 sq m) and will use the warehouse as its global distribution centre.
Jack Wills will pay an annual rent of £750,000, equating to £3.25 psf, excluding mezzanine levels.
The deal follows the surrender of the previous incumbent tenant’s lease and simultaneous grant of a new lease to Jack Wills.
Duncan Jarvis, Director at Clearbell, said: “We are delighted to have let Parkway Works to Jack Wills as the company’s global distribution centre. The warehouse is well located close to the A57 which provides fast access to Sheffield city centre and Junction 33 of the M1. Sheffield and the surrounding Yorkshire market continues to perform very well in the logistics market with take-up for 2018 already well ahead of the annual average for the region.”
Parkway Works was acquired as part of the Polaris portfolio, a portfolio which at acquisition consisted of 14 business and industrial assets split as 10% office assets, 67% industrial assets and 24% of distribution warehousing. The assets are located in the UK’s regions, with one asset in the South and the rest spread across the North West, North East and Yorkshire.
Clearbell was advised by Commercial Property Partners.
