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PLP signs first pre-let agreement at PLP Bessemer Park, Sheffield

PLP is pleased to announce it has successfully signed a pre-let agreement with ITM Power at PLP Bessemer Park, Sheffield. ITM Power, the energy storage and clean fuel company, who design and manufacture hydrogen generation systems, will relocate its global manufacturing headquarters to a new build unit of 134,000 sq ft at PLP Bessemer Park.

This is the first lease agreement signed at PLP Bessemer Park, an 850,000 sq ft urban distribution and logistics development which is being delivered in two phases. Phase 1 is currently under construction and consists of a 43,000 sq ft speculative unit in addition to ITM Power’s 134,000 sq ft unit. Both units are on schedule to complete in November 2019. Phase 2 received outline planning permission from Sheffield City Council in 2018 and PLP are currently seeking build to suit development opportunities of up to 670,000 sq ft.

PLP Bessemer Park is strategically located adjacent to J34 of the M1 motorway and within close proximity of Meadowhall Shopping Centre, six airports (within a 90-mile drive) and 75% of the UK population (within a 4.5 hour drive).

PLP Bessemer Park was acquired in 2017 by PLP’s flagship investment vehicle, the PLP UK Logistics Venture (UKLV), which is capitalised by Ivanhoé Cambridge (80%) and PLP (20%).

Neil Dickinson, Chief Investment Officer at PLP said: “This leasing deal with ITM Power is another example of PLP’s capability in delivering high quality warehouse units in strategic locations across the UK. We are looking forward to welcoming ITM Power to PLP Bessemer Park.”

Dr Graham Cooley, Chief Executive Officer, ITM Power plc. commented: “I am delighted to be able to announce this key milestone and I do so with confidence that the team has done a thorough job in selecting the right premises. The detailed planning that has taken place will pay dividends as we transition our activities to PLP Bessemer Park in the New Year.”

Knight Frank, CBRE and Moriarty & Company acted as leasing agents on behalf of PLP.

CPRE acted on behalf of ITM Power plc.