Tuesday 18th Jun 2019 - Logistics Manager Magazine

Sports Direct sells Shirebrook for £120m

Sports Direct has raised £120.05 million from the sale and leaseback of its 1.8m sq ft headquarters and distribution centre at Shirebrook in Derbyshire.

The 75-acre site was acquired in an off-market deal by an international pension fund, which was advised by CBRE Global Investors, represented by DTRE and Clifford Chance. Gent Visick, CBRE and Dentons all acted for Sports Direct.

Rupert Visick, managing director at Gent Visick, who negotiated the deal with the purchaser, said: “This is an impressive site that has been developed in phases, to an exceptional standard and specification, over the last 14 years with work completing in 2018. We approached a number of potential buyers throughout the world and were able to generate strong interest due to its central UK location and the calibre of Sports Direct as a long-term tenant, as well as the overall quality of the site.”

Approximately 4,000 people work at the site and it has six buildings, which cover a floor area of 1.8m sq ft and offer a total of 2.6m sq ft including mezzanine levels. Shirebrook is home to the firm’s national distribution centre, as well as Grade A head office space, brand partner offices and two retail stores. It also has more than 1,300 car parking spaces. Sports Direct, which is the UK’s largest sporting goods retailer, has now leased the site for a term of 15 years.

Michael Murray, head of elevation and innovation at Sports Direct, said: “We have recently completed our Shirebrook campus project, consisting of a semi-automated warehouse, training academy, five retail units and a gym.

“We believe that this transaction will realise great long-term value for the business and its shareholders, as we continue to invest in our elevation strategy across the UK and Europe, while partnering with an investor who shares our vision. We look forward to a close working relationship with the site’s new owners.”