Trammell Crow Company is upping its activity in the European logistics market with the acquisition of a 20-acre site in Sheffield.
The US-based firm, which in April hired DHL real estate services development director Mike Forster to lead a push into UK logistics has bought the site, on Shepcote Lane, close to Junction 34 of the M1 motorway, to develop a new grade-A industrial unit.
The site, formerly let to fencing manufacturer Betafence, has an existing planning consent in place but the firm intends to obtain a new planning consent to replace the existing building with a speculative 365,814 sq ft grade-A facility.
“Sheffield is one of the most sought-after strategic logistics locations in the UK, with high demand set against very constrained supply,” said Forster, director and head of UK logistics at Trammell Crow. “Coming just weeks after our debut European acquisition, this site represents an exceptional redevelopment opportunity in a sub-region that accounted for 18.3% of the national take up of grade-A logistics buildings in 2020 and currently has a vacancy rate of less than 0.5%.
“We are actively looking for further opportunities on brownfield and greenfield sites in strategic locations across Europe.”
In August, the firm made its debut in the UK market, paying £38m for Topshop’s former distribution centre in Milton Keynes. It plans to demolish the facility and replace it with three new warehouses by the end of 2023, equipped with solar panels and charging stations for the electric vehicles that it expects will use the site.
CP Partners advised Trammell Crow Company on its Sheffield acquisition. DTRE advised on the Milton Keynes buy.
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