Joint venture agreement to create logisitics hub in Enterprise Zone
THE Homes and Communities Agency (HCA) and St Paul’s Developments have completed an agreement to create a 750,000 sq ft logistics hub on a 44 acre Enterprise Zone site.
The HCA, advised by CBRE, has appointed St Paul’s Developments as development partner to deliver the major industrial and warehousing scheme, known as 31 East, near Junction 31 of the M1 in South Yorkshire.
Commercial Property Partners (CPP) advised St Paul’s Developments.
31 East is a 44 acre site on Todwick Road, Dinnington adjacent to the existing 45 acre Dinnington Business Park. Rotherham Council’s recently completed upgrading of the A57 from junction 31 of the M1 to Todwick crossroads has given the site strategic importance due to its ease of access to the Motorway network via the M1.
Outline planning consent was granted for industrial usage and plans determine that the site can accommodate a total 750,000 sq ft of logistics/warehousing space with the capacity to develop a single stand-alone building of 450,000 sq ft.
31 East is one of nine strategic sites on the LEP’s ‘economic growth corridor’ that have been awarded the coveted EZ status, meaning that it can offer significant tax benefits to occupiers.
David Newton, managing director of St Paul’s Developments, said: “We are delighted to have been selected by the HCA as development partner for this strategic site. St Paul’s has a long and successful history of developing in Rotherham and also working with the HCA. With supply of stock in severely short supply across South Yorkshire, and a limited number of available sites able to accommodate occupiers seeking units in excess of 300,000 sq ft, 31 East is coming to the market at the best possible time.”
Simon Herring from the HCA added: “St Paul’s Developments has a strong track record for the delivery of large-scale regeneration projects across the region and we are looking forward to working in partnership to bring this exciting scheme to life. The site’s access, capabilities and EZ benefits make it one of South Yorkshire’s most exciting industrial opportunities.”
Fully serviced and with infrastructure in place, 31 East is development-ready and appointed agents, CBRE and Commercial Property Partners (CPP) are now actively marketing the site.
Dave Cato, associate director of industrial agency at CBRE, said: “The well-documented shortage of supply within South Yorkshire is contrasted by increasingly strong demand as the market gains momentum and activity levels gather pace, particularly among industries such as manufacturing. We anticipate very strong demand for this site and are looking forward to opening discussions with potential occupiers.”
