CBRE Global Investors has secured a distribution warehouse letting at Sheffield International Rail Freight Terminal to Marks & Spencer. The clothing and luxury food retailer has taken two adjacent warehouses totaling 647,000 ft² (approx. 60,100 m²) on a 10-year full repairing and insuring lease. The quoting rent for the building is c £2.6 million per annum (£4.15 psf).
The property is located off the M1, inside the Sheffield City Region Enterprise Zone and includes direct rail access. M&S will be transferring the visual merchandise, store equipment and home furniture from its 1.1 million ft² distribution centre in Bradford to the Sheffield facility as part of a new logistics network project. It is anticipated that over 300 jobs will be created when the distribution center is open.
Rob Trevor, Senior Director, CBRE Global Investors commented: “We are delighted to have secured M&S Plc to both units at SIRFT. This letting underlines the quality of the property and its location on the M1 corridor. It also reflects the current strength of the logistics market with the on-going take up of existing distribution space across the whole of the UK. We look forward to working closely with M&S as they embark on the fit out of the buildings over the next few months”
Moriarty & Company, GVA, Jones Lang LaSalle and Commercial Property Partners acted for CBRE Global Investors. Cushman & Wakefield acted for M&S.
Source: Citigate Dewe Rogerson