Investor, FTSE 250 listed Urban Logistics REIT Plc (ULR) and developer, Newsholme Developments, have commenced construction on the speculative development of a new warehouse at Newhall Business Park, Sheffield with practical completion in May 2023.
The proposed warehouse is situated on Newhall Road, Sheffield, and is part of the wider Newhall 58 development, and ideally situated to benefit from strong transport links with excellent labour accessibility and supply.
The warehouse will be built to a high specification with strong sustainability credentials, targeting BREEAM Excellent and an EPC A rating and EV charging points. The warehouse is self-contained and set within a Secured by Design site and has the ability to create up to 150 new jobs for the area.
Located c.2.5 miles off J.34, M1 and situated on the fringes of Sheffield city centre the warehouse is positioned to access the regions strategic road network, alongside a strong labour supply and set within a well-recognised occupier mix.
Adam Jones of Newsholme Developments commented: “We are delighted to have started on site with the final phase of the highly successful Newhall 58 development which has seen significant investment, regeneration, and job creation within Sheffield since our initial purchase. Having agreed a deal with Urban Logistics REIT to purchase the completed building, Newsholme Developments will now manage the development phase with Newhall 131 being one of a number of active projects currently on-site and being delivered by Newsholme Developments across the UK.
John Barker, Head of Development at Urban Logistics REIT, commented: “We’re delighted to be the funding partner of Newsholme Developments on this scheme and look forward to working with them in delivering the stand alone, self-contained building. The location is ideal for both the city centre and J34 of the M1 which will help with staffing and access to the motorway network”.
Progress on site has been swift and completion of this speculative unit is expected by the end of May 2023. The market fundamentals remain strong and healthy interest in the unit is expected, which is extremely positive and testimony to the scheme’s location and delivered specification.
Toby Wilson of marketing agents M1 Agency added “The Sheffield warehouse market is currently starved of Mid box 100,000 sq ft – 200,000 sq ft new build Grade A stock and the units’ size and specification will help to fill this void, especially given the strong sustainability credentials and good surrounding labour supply. The occupier market is still robust with good levels of early initial interest pre-practical completion in May 2023, therefore we are confident of quickly securing occupier interest.”
