Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, announces a 390,000 sq ft letting in Sheffield in its Polaris industrial portfolio.
The Sheffield Parkway asset is a 390,000 sq ft site, which has been let to Sports Direct on a new 5-year lease. The site will be used as a logistics and distribution hub for a number of their designer brands, including Jack Wills.
The asset has undergone significant refurbishment in recent years, including an overcladding of the roof.
The site is located in the Sheffield Parkway area of the city, near to the city centre and close to key transport links including the M1.
The Polaris portfolio comprising 14 assets was acquired in August 2015, with plans to reposition and let vacant units and extend lease lengths. After selected sales, the portfolio now comprises 10 assets.
Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, said: “Demand for logistics assets has upheld amid the coronavirus pandemic as more shoppers move online. Affordable yet suitable space continues to be in short supply and older industrial units benefit from their closeness to transport links and, most importantly, a skilled workforce.
“Sheffield continues to see sustained demand for industrial space, serving as a hub for delivery across the UK. The city has a strong heritage as a home to UK business, where companies can take advantage of its skilled population and good location.”
Clearbell was advised by CPP. Sports Direct was advised by CBRE.