PLP pre-let phase 1 at PLP Bessemer Park, Sheffield before practical completion
PLP has pre-let the entire first phase of its speculative logistics development at Bessemer Park, Sheffield before practical completion.
Hot on the heels of the 134,000 sq ft pre-let exchanged with ITM Power, the energy storage and clean fuel company, in July 2019, PLP has now exchanged contracts to lease the remaining 45,000 sq ft to Arthrex.
Arthrex, an existing Sheffield based employer and a market leader in the global medical device industry, new product development and medical education in orthopedics, has signed a 15 year lease.
PLP Bessemer Park is an 850,000 sq ft distribution and logistics development in Sheffield and consists of two phases. Phase 1 comprises Arthrex’s 45,000 sq ft unit and ITM Power’s 134,000 sq ft unit. Phase 2 received outline planning permission from Sheffield City Council in 2018 and can accommodate units ranging from 80,000 sq ft up to 660,000 sq ft, deliverable by Q1 2021.
PLP Bessemer Park is strategically located adjacent to J34 of the M1 motorway, immediately south of Meadowhall Shopping Centre and the new Sheffield IKEA store, with six airports within a 90-mile drive and 75 percent of the UK within a 4.5 hour HGV drive.
PLP Bessemer Park was acquired in 2017 by PLP’s flagship investment vehicle, the PLP UK Logistics Venture (UKLV), which is managed on behalf of Ivanhoé Cambridge, Peel Group and MIRA Real Estate.
Neil Dickinson, Chief Investment Officer at PLP said: “We are extremely pleased to welcome Arthrex to join ITM Power at PLP Bessemer Park. They were the first viewing we had, and they recognised the unique proposition that PLP is creating at Bessemer Park. Arthrex is a leader in its field and everyone at PLP wishes them well in their new premises. Pre-letting both phase 1 units demonstrates PLP’s capability to invest in key strategic locations and deliver high quality urban logistics units for leading industry occupiers such as Arthrex and ITM Power.”
Richard Saul, Head of UK Asset Management, Ivanhoe Cambridge added: “These two pre-lets underscore our investment alongside Peel Group and MIRA. It is a perfect example of how PLP’s site selection and development experience allows us to access development opportunities that align with our global strategy to invest in high quality logistics hubs.”
Knight Frank, CBRE and Moriarty & Company represented PLP.
Rebecca Schofield, Partner at Knight Frank said: “The industrial & logistics sector nationally continues to outperform others. Whilst we have seen a response to the lack of stock regionally there has been limited new development in Sheffield itself. PLP’s confidence in the market has paid off demonstrating the strong demand from the local and regional occupiers securing lettings on both units prior to practical completion at new headline rentals. We look forward to working on the next phase.”
GL Hearn represented Arthrex.