Specialist real estate consultants CPP brokered a deal resulting in Cabot Properties acquiring a 96,000 sq ft distribution warehouse with vacant possession and simultaneously completed a new 10-year lease on the building to Ancient Wisdom.
The property is located on Shepcote Business Park within a short drive to Sheffield city centre and benefits from immediate access to J34 of the M1.
Richard Wright, director at CPP commented, ‘Despite the pandemic, the South Yorkshire logistics market has continued to see significant demand from occupiers with take-up levels well above the 5-year average of 3m sq ft. This combined with restricted supply levels has seen headline rents increase in recent years, with further rental growth expected in the future. Urban logistics assets such as this property are becoming more and more desirable for occupiers due to the ever-accelerating e-commerce demands.’
Michael Williams of Cabot Properties commented, ‘We are very pleased to have closed this transaction which was introduced to us by CPP. It is a modern, well specified building and represents an attractive addition to our UK Value Add portfolio. We are continuing to grow our Core and Value Add portfolios in the UK targeting industrial buildings in well connected, under supplied locations.’