Monday, November 20, 2023

News: £60m Rotherham industrial development complete


Mirastar’s £60m industrial development called Sheffield Catalyst, which is could bring around 500 jobs to the area, is now complete.

As Rothbiz explained, outline plans were approved in 2019 to enable the successful Sheffield Business Park to expand into Rotherham.

Investor, developer and asset manager Mirastar has brought forward the Catalyst development on a 17.9-acre site that was previously kept in the green belt when Sheffield City Airport was in operation.

Comprising five units totalling 285,000 sq ft along the Parkway, 50% of the scheme was pre-let.

Agents Knight Frank, GV & Co and M1 are marketing the remaining three units of 22,448 sq ft, 28,309 sq ft and 91,923 sq ft which are immediately available and suitable for warehouse and distribution, general industrial and manufacturing.

Rebecca Schofield, partner and head of the Yorkshire industrial team at Knight Frank, said: “This scheme is at the heart of the region’s distribution and manufacturing location and sits in a prime central UK position allowing potential occupiers access nationwide.

“Potential occupiers should be attracted by the nearby demographics for employees and potential customers. More than 477,000 people are within five mile radius of site and 65 per cent of the UK population can be reached within 4.5 hours.”

Henry Watson, associate at M1 Agency, said: “We are seeing specification and location be paramount to occupier requirements in the current market and Catalyst benefits from best in class building specification and unrivalled location, just off J33.”

Earlier this year Rothbiz reported that surfaces specialist Cosentino was the first tenant to sign up, taking a 33,608 sq ft, with JLA Group, a market leader in the supply and maintenance of commercial equipment, taking 109,166 sq ft.

Daniel Walker, from GV & Co, said: "The units at Catalyst, Sheffield Business Park have been constructed to a high specification and the quality of the interest we have received to date is testament to that. Only three units now remain and we are keen to speak to those companies who have active requirements in the area and are interested in being based on the park."

Earlier this year, property development company, Premcor Estates, together with joint venture partner Peveril Securities sold the development to Mirastar, KKR Real Estate's industrial and logistics platform in Europe, for an undisclosed sum.

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/sqft."

Sheffield Business Park website

Images: Knight Frank


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