Acquisition paves way for 800,000 sq ft logistics park
More than 800,000 sq ft will be delivered at a new logistics park near Sheffield is planning goes ahead following a major acquisition by Peel Logistics.
Peel has acquired a 48-acre site in Sheffield, formerly owned by stainless steel company the Outokumpu Group. It has been acquired with vacant possession from Outokumpu.
The site is adjacent to Junction 34 of the M1 motorway and was valued at €10m (£8.5m).
A planning application for over 800,000 sq ft of space across multiple stand-alone facilities is expected to be submitted in Q3 2017 with development commencing in 2018.
Jeremy Greenland, Peel Logistics CEO, said: “We are very pleased to secure a prime site like this, ideally placed to serve both national and urban logistics occupiers. This project represents another positive step in our strategy to grow Peel Logistics into a leading UK logistics real estate development and investment management business.”
Neil Dickinson, Peel Logistics COO, said: “This project is a great opportunity to deliver over 800,000 sq ft of new logistics space by regenerating a dormant site and potentially creating thousands of new jobs in the region.”
Martin Pinder, vice president, Human Resources for Outokumpu in UK commented: “We are glad that we found a buyer for the redevelopment of this cleared unused site located in the prime distribution and industrial area close to the Sheffield Business Park, creating business and employment opportunities in the Sheffield area.”
The Real Estate team within Irwin Mitchell’s Sheffield office advised Outokumpu on the deal.
Kevin Fox, a partner in the Real Estate team at Irwin Mitchell, said: “This disposal of land represents a superb development opportunity on an unused site which is close to excellent transport links and well positioned within Sheffield’s industrial zone. The deal highlights the strong demand for high quality land within the city and is important as it will ultimately lead to the opportunity, once developed, for other employment opportunities within Sheffield.”
Fowler Sandford acted on behalf of Outokumpu marketing the site and agreeing the sale of the land to Peel Logistics Property.
James Bruce of Fowler Sandford said: “This land sale is a great result for all parties involved. It is a very significant transaction, opening up the Shepcote Lane area for future commercial development. The property deal highlights the strong investor interest in Sheffield at the current time. There are a number of high profile commercial deals ongoing in the City Region which will deliver high quality commercial development and future job opportunities. Exciting times ahead!”
