Great Bear roars into Sheffield
The Logistics Property Partnership (‘LPP’), a joint venture between SEGRO and Moorfield Real Estate Fund II, is pleased to announce that it has let the 412,519 sq ft LLP Sheffield facility to Great Bear Distribution, for a period of 15 years. The prime site is located on Sheffield City Region’s world class Enterprise Zone.
Great Bear, a third party UK logistics business, has chosen LPP Sheffield as the location for its new distribution network in the UK due to its proximity to major motorways, quality of product and size of yard. The company already manages more than four million sq ft of warehouse space and operates a large modern commercial vehicle fleet.
Gareth Osborn, Business Unit Director for Thames Valley and National Logistics at SEGRO, said: “LPP is a significant investment for SEGRO, delivering critical mass in the UK logistics market alongside our other owned assets and enables us to capitalise on the increased demand for well-located, modern warehouses. The joint venture with Moorfield forms part of SEGRO’s wider strategy to develop our business across core markets and we’re delighted to welcome Great Bear to LPP Sheffield.”
Rebecca Schofield, partner at Knight Frank, said: “The letting of LPP Sheffield to Great Bear is a landmark transaction and sees the last unit of this size in South Yorkshire now taken. There has been a reduction in the supply of large scale units over the last 12 to 18 months and Great Bear felt confident enough to take advantage of the availability and terms offered to add to their portfolio.”
LPP provides unrivalled flexibility, operational excellence and high levels of asset management, designed to provide its customers with the benefits that such a partnership brings, ensuring that the customer is rewarded throughout their occupation.
LPP Sheffield is located approximately half a mile from the M1 junction 34 in the heartland of the UK’s manufacturing and engineering industries.