Medical manufacturer and distributor Arthrex has pre-let the last 45,000 sq ft unit on the first phase of PLP Properties 850,000 sq ftscheme in Sheffield.
The company has signed a 15 year lease on the unit. In July PLP pre-let a 134,000 sq ft unit to ITM Power, the energy storage and clean fuel company
PLP Bessemer Park is a distribution and logistics development in Sheffield and consists of two phases. Phase one is two units of 45,000 sq ft and 134,000 sq ft now let and phase 2 can accommodate units ranging from 80,000 sq ft up to 660,000 sq ft, deliverable by Q1 2021.
It is 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 per cent 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: “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.”
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.”
GL Hearn represented Arthrex.