Real estate investor and developer, Firethorn Trust, has acquired a substantial site at Sherburn-in-Elmet in Leeds, as it continues to grow its national logistics portfolio.
The 37-acre logistics site forms part of the wider Sherburn2 scheme, which spans 75-acres and is owned by Yorkshire-based development and investment company, Glentrool Estates Group Ltd.
Firethorn has now exchanged contracts with Glentrool, in a deal that will allow the delivery of up to 660,000 sq. ft. of new logistics warehousing across one or multiple buildings, suited to a range of occupiers, from SMEs to larger manufacturing and distribution companies.
Situated within an established commercial and industrial location at Junction 42 of the A1(M), the new site lies immediately adjacent to Sherburn Enterprise Park, which is home to several large multi-national occupiers including L&G Modular Homes, Eddie Stobart, Sainsburys and Clipper Logistics.
The scheme provides excellent connectivity throughout the UK, with close proximity to Leeds, the M1 and M62, coastal ports of Hull and Grimsby and regional rail and airports.
Dan Green, Associate Director at Firethorn Trust, commented: “We are very pleased to have exchanged contracts to acquire this impressive 37-acre site in Sherburn-in-Elmet, which we believe will be a strong addition to our growing UK logistics portfolio.
“It provides an excellent opportunity to add new, institutional quality warehousing to our existing pipeline in a strong local market experiencing record levels of demand and take-up, and historically low vacancy rates and supply levels.
“As occupiers continue to adapt their supply chain and distribution models to fit the post-Covid economy, demand is expected to remain at these levels in the medium term, whilst the increased drive to e-commerce is further fuelling occupational demand.
“This acquisition is another example of our strategic approach to identify sites in strong locations across the UK for development and unlock opportunities to deliver modern, high-quality warehousing solutions, highly-sustainable schemes and economic benefits for the wider region.”
Jeremy Nolan, a director of Glentrool says: “We are delighted to have brought this site to an advanced state of readiness, delivering a serviced plot that will enable Firethorn to swiftly develop high quality units for occupiers.
“The wider Sherburn2 site has excellent road and rail links and, given the neighbouring Sherburn Enterprise Park is already home to significant multi-nationals, we anticipate Firethorn will enjoy great success in attracting similarly prestigious occupiers.”
Firethorn Trust was advised by Lambert Smith Hampton and Stephenson Harwood and Glentrool was represented by Colliers International and Carter Towler.