Property and asset manager taken on for growing business park
NSM has been appointed by InfraRed Capital Partners to property and asset manage its Magna 34 Business Park.
NSM will also provide agency services, helping to secure new tenants for a forthcoming multi-million pound development at the industrial scheme, near Sheffield.
Magna 34 Business Park comprises a mixture of units totalling more than 120,000 sq ft, which include two existing units that are already occupied comprising 47,000 sq ft.
A stand-alone 35,000 sq ft new build and a further 40,000 sq ft will be developed as a smaller multi-let industrial scheme, providing units ranging in size from 2,000 to 4,500 sq ft.
This is thought to be one of the only small to medium sized speculative industrial developments in the local area to come forwards in 2020, as the only other scheme underway provides in excess of 5,000 sq ft units.
Helen Gordon, associate director at NSM, said: “Magna 34 is an established business park with a high profile location close to Sheffield and Rotherham, with easy access to the M1.
“There is a shortage of industrial land and with most developers focusing on larger units, there is significant demand for businesses seeking well-located space for small and medium sized enterprises.
“As a result, I expect this new development at Magna 34 will be very popular.”
Planning has already been secured for the 35,000 sq ft unit and, subject to planning permission being secured for the smaller units, construction work will start within the next three to six months.
It is expected to be a nine month build programme.
Magna 34 is home to occupiers such as Parcelforce, UK Mail and Element Materials Technology Sheffield Ltd.
NSM already looks after £237.5m worth of property assets across more than four million sq ft of space comprising 669 industrial properties in the north of England.