Real estate investor acquires 37-acre logistics site
In a multi-million pound deal, privately owned Yorkshire development and investment company Glentrool Estates Group Ltd has exchanged to sell a 37-acre logistics site at Sherburn-in-Elmet, near Leeds.
The site, which forms part of Glentrool’s Sherburn2 development, is being purchased by London-based real estate investor Firethorn Trust.
Jeremy Nolan, a director of Glentrool, said: “This is an excellent deal for all concerned. We are delighted to have brought this site to an advanced state of readiness, delivering a serviced plot enabling Firethorn to swiftly speculatively develop high quality units for occupiers.
“The wider Sherburn site has excellent road and rail transport links and, given the neighbouring Sherburn Enterprise Park is already home to significant multi-nationals; we anticipate Firethorn will enjoy great success in attracting similar prestigious occupiers.
“We are immensely pleased with progress to date at Sherburn2, with our occupiers including Ford Retail, Portakabin and Cromwell Polythene.
“Overall, our £140m development has the capacity to create 2,500 quality, sustainable jobs.
“We will now be focusing on opening up and developing the remaining plots on Sherburn2, comprising the 180,000 sq ft North Phase and the 440,000 sq ft South Phase.
“There is no doubt Firethorn’s speculative development will add to Sherburn’s reputation as one of the most important logistics sites in the Yorkshire region.”
This deal will allow Firethorn to deliver up to 660,000 sq ft of logistics warehousing across one or multiple buildings to suit a range of occupiers, from small to medium-sized enterprises to larger manufacturing and distribution companies.
Dan Green, of Firethorn, explained: “We are very pleased to have exchanged contracts to acquire this impressive site, which will be a strong addition to our growing UK logistics portfolio.
“It provides an excellent opportunity to add new, institutional quality warehousing to our existing pipeline in a strong local market experiencing record levels of demand and take-up and historically low vacancy rates and supply levels.
“As occupiers continue to adapt their supply chain and distribution models to fit the every changing economy, demand is expected to remain at these levels in the medium term, whilst the increased drive to e-commerce is further fuelling occupational demand.
“This acquisition is another example of our strategic approach to identify sites in strong locations across the UK for development and to unlock opportunities to deliver high-quality and sustainable warehousing solutions delivering economic benefits for the wider region.”
Sherburn2 is an established commercial and industrial location, immediately adjacent to Sherburn Enterprise Park, which is already home to several large multi-national occupiers, including L&G Modular Homes, Eddie Stobart, Sainsbury’s and Clipper Logistics.
Firethorn Trust was advised by Lambert Smith Hampton and Stephenson Harwood and Glentrool Estates was represented by Colliers International and Carter Towler.
