NSM has been appointed by InfraRed Capital Partners to property and asset manage its Magna 34 Business Park. An industrial scheme near Sheffield, NSM will also provide agency services, helping to secure new tenants for the forthcoming multi-million pound development.
Magna 34 Business Park comprises of a mixture of units totalling in excess of 120,000 sq ft, which includes two existing units that are already occupied comprising 47,000 sq ft. A stand-alone 35,000 sq ft new build and a further 40,000 sq ft, which will be developed as a smaller multi-let industrial scheme providing units ranging in size from 2,000 to 4,500 sq ft, will soon be delivered.
This is thought to be one of the only small to medium sized speculative industrial developments in the local area to come forwards in 2020, as the only other scheme underway provides in excess of 5,000 sq ft units.
Helen Gordon, Associate Director at NSM, said: “Magna 34 is an established business park with a high profile location close to Sheffield and Rotherham, with easy access to the M1. There is a shortage of industrial land and with most developers focusing on larger units, there is significant demand for businesses seeking well-located space for small and medium sized enterprises. As a result, I expect this new development at Magna 34 will be very popular.”
Planning has already been secured for the 35,000 sq ft unit and, subject to planning permission being secured for the smaller units, construction work will commence within the next three to six months. It is expected to be a nine month build programme.
Magna 34 is a well-established business park on Sheffield Road close to Junction 34, M1 and offers easy access to Sheffield. It is already home to occupiers including Parcelforce, UK Mail and Element Materials Technology Sheffield Ltd.
This additional 122,000 sq ft of space will be property and asset managed by the Yorkshire based NSM team, adding value to InfraRed’s portfolio. NSM already looks after £237.5 million of property assets across more than 4million sq ft of space comprising 669 industrial properties in the north of England.