Clearbell Capital has let a 390,000 sq ft logistics and distribution hub in Sheffield to Mike Ashley’s Frasers Group on a five-year lease.
The location, owned by Clearbell’s Property Partners II fund, will be used for Frasers’ designer brands, including Jack Wills.
The hub is part of Clearbell’s Polaris industrial portfolio, which comprises 10 properties. It initially consisted of 14 properties bought in August 2015, with plans to reposition and let vacant units and extend lease lengths. Four of these have since been sold.
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.”
CPP advised Clearbell; CBRE acted for Frasers.
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