Member Article

Sheffield agency secures "largest industrial Yorkshire property letting for 2014"

The Sheffield office of Knight Frank has secured the largest industrial property letting in Yorkshire for 2014.

The deal saw the 412,519 sq ft LPP Sheffield let on behalf of Logistics Property Partnership (LPP) to Great Bear Distribution.

And the LPP Sheffield deal now signals the last industrial property in excess of 277,000 sq ft available in the South Yorkshire region, with just 660,000 sq ft of new large stock remaining in total.

Rebecca Schofield, partner at Knight Frank, said: “The letting of LPP Sheffield to Great Bear is a landmark transaction and sees the last unit of this size in South Yorkshire now taken.

“The letting demonstrates operators’ willingness to choose South Yorkshire as a key industrial location against traditional strongholds around the Midlands transport networks, with superb access to the M1, M62 and routes out to the east coast.

“The unit has a prime location, immediately alongside the M1 and high specification, which includes 15m eaves height and an oversized yard.

“There has been a reduction in the supply of large scale units over the last 12 to 18 months and Great Bear felt confident enough to take advantage of the availability and terms offered to add to their portfolio.”

The lease is for 15 years. Knight Frank advised LPP, Legat Owen acted for Great Bear.

The deal provides Great Bear with a facility which boasts up to 84,000 pallet capacity, a 75 metre yard depth, car parking for 184 cars and an additional 83 HGV trailer parking spaces, gatehouse controlled security and 23,627 sq ft of high quality offices.

Great Bear is a leading 3rd party UK logistics business providing nationwide shared user warehousing and distribution solutions. It operates over four million sq ft of warehousing space across the East Midlands and through to the North West of England and has an in-house distribution fleet of more than 200 commercial vehicles.

LPP is a joint venture between the Moorfield Real Estate Fund II and SEGRO plc.

This was posted in Bdaily's Members' News section by Clare Burnett .