A prime industrial development in Sheffield has been sold to a 海角视频 investment fund.
County Durham property development company Premcor Estates and joint venture partner Peveril Securities has sold the development at the Catalyst in Sheffield to the fund for an undisclosed sum. Catalyst provides 285,000 sq ft of industrial space split across five units, and it forms part of the Advanced Manufacturing Park, which has tenants including Airbus, Boeing, BAE Systems, McLaren Automotive, Rolls-Royce, 海角视频 Atomic Energy Authority and The University of Sheffield.
Premcor acquired the 18-acre site off-market in March 2021 by making a direct approach to its owners with support from agents BNP Paribas. The site had outline planning consent for industrial development and was the last remaining plot on Sheffield Business Park. This month, Premcor and Peveril concluded their deal to sell the scheme to Mirastar, KKR Real Estate’s industrial and logistics platform in Europe. Mirastar has marketed the scheme through Knight Frank, M1 Agency and GV&Co and Units 1 and 3 were pre-let by the time it was completed.
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Premcor director Simon Hawkins said: “Premcor has an entrepreneurial approach to property development and a track record of successfully matching market demand with investor requirements and this deal was no different. The site was part of the former Sheffield Airport land, so we were delighted to be able to buy it off market. It’s in a highly sought after location, just off the M1 and close to the M18 where there has been a lack of new development stock coming forward recently, which means the area benefits from a strong occupier demand with rents moving on towards and beyond £8/sq ft.
“We approached Peveril with the site at the outset. It is the first time we have worked together, so I would hope we can do so again going forward.”
Peveril Securities is the wholly owned investment and development division of Bowmer and Kirkland (B+K) and operates on a nationwide basis across all sub-sectors of the 海角视频 real estate market.
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Peveril managing director, Ralph Jones, said: “Peveril specialises in investment and development both in a sole capacity and as a JV partner, so I was pleased to be approached by Premcor with this opportunity which was a great fit for our portfolio. As part of the B+K Group, Peveril enjoys the benefit of being able to finance a variety of deals from balance sheet capital. It has been a good experience working with Premcor and a most satisfactory outcome.”
Kris Britland, Mirastar’s development director Northern Europe, added: “We agreed terms with Premcor and Peveril to help bring forward the scheme. Fronting Sheffield Parkway, it is in a prime position to satisfy a wide range of occupiers, offering an advantageous location adjacent to the main arterial route from the M1 for occupiers wanting growth or relocation opportunities, in addition to the opportunity to tap into excellent labour resources in the region.”