Wednesday, July 15, 2020

First phase of Bessemer Park in Sheffield now fully let

The first phase of Bessemer Park in Sheffield has been entirely pre-let after operator PLP leased the remaining 45,000 sq ft to med-tech business Arthrex on a 15-year lease.

The letting follows ITM Power, the energy storage and clean fuel company, taking 134,000 sq ft back in July.

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.

It 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.

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.”

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