The importance of logistics and swift distribution of just-in-time products may now be making the growth of out-of-town business and distribution parks the leading commercial property trend in the UK, as two more major new developments have been proposed.
In Sheffield, a new 285,000 sq ft development encompassing industrial, warehousing and distribution opportunities has been proposed, a scheme that would create 500 jobs and complete the development of the park, which lies on the eastern edge of the city close to the M1 and the Meadowhall shopping centre.
Commercial property solicitors in Yorkshire could have plenty of work on their hands if the plan goes ahead, with new clients negotiating deals for the site and its facilities.
The scheme, called ‘Catalyst’, has emerged after a joint venture by property firms Premcor and Peveril Securities bought out the 18-acre plot in March.
It means firms wanting to manufacture or store goods in locations close to the national rail and motorway networks can access a prime site.
Premcor director Simon Hawkins said: “Catalyst is an exciting development set to be fuelled by the region’s impressive manufacturing pedigree and status.”
He added: “The site enables occupiers to be at the cutting edge of UK manufacturing and within the north’s new logistics hotspot.”
This development is one of a number of new business park developments announced in recent weeks, including a £1 billion plan to build the largest logistics site in the entire UK near Birmingham.
Oxford Properties and Logistics Capital Partners have announced a joint venture involving a £1 million investment in the 734-acre site just north of Birmingham.
Known as the West Midlands Interchange, it will include its own rail freight terminus and the developers will also help fund link roads to the A5 and A449.
The site will encompass warehouses ranging from 200,000 sq ft to over one million sq ft.