Member Article

Sheffield property startup brokers two ‘major’ deals

Sheffield-based property agency Commercial Property Partners (CPP) has recently advised on two major industrial property deals in Sheffield, comprising more than 1 million sq ft of quality industrial space.

CPP was founded last September and acted for Logistics Property Partnership (LPP), the landlords of the building close to Junction 34 of the M1, where Great Bear Distribution has just taken 412,519 sq ft on a 15-year-lease.

This follows the high-profile deal in which Marks & Spencer took 647,000 sq ft of warehouse space at the Sheffield International Rail Freight Terminal on a 10-year lease. The annual rent was just under £2.6 million per annum. CPP advised landlords CBRE Global Investors.

Toby Vernon, co-founder and partner of CPP, commented: “These two deals are a massive endorsement of the Sheffield region as an attractive location for logistics and distribution companies.

“Over 1m sq ft of industrial space being let in Sheffield in less than four months tells its own very powerful story.

“This is superb news for Sheffield as this constitutes substantial investment and job creation.

“Supply is now well below the region’s average annual take-up which stands at approximately 3.18m sq ft per annum, again for buildings over 100,000 sq ft.

“Whilst these recent deals are superb news, the volume of large footprint warehouse enquiries remain relatively thin.

“However, we expect demand levels to continue to improve during the course of the course of the year which is primarily being driven by the continued growth in online retailing,” explained Mr Vernon.

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