Forsters advise new client Peel Logistics Property
Forsters has advised new client, Peel Logistics Property, on two transactions in close succession in the early part of 2017.
The first transaction involved the acquisition of a site in Port Salford, Manchester, which is pre-let to Rhenus Logistics Limited. Construction is underway on the new 60,700 sq ft office headquarters and warehouse facility for the freight logistics giant, which is expected to be fully operational by the end of 2017.
The site is strategically located at the UK's first inland "tri-modal" port facility and distribution park, served by road, rail and short sea shipping.
Peel Logistics Property, a specialist developer, manager and owner of logistics and industrial properties, has also recently completed the purchase of a 48 acre cleared site with development potential in Sheffield from Outokumpu Group.
Located adjacent to the M1 motorway and close to both Sheffield city centre and local retail offerings including Meadowhall Shopping Centre, the site is in a prime location for logistics use. It is anticipated that a planning application for a flagship 800,000 sq ft logistics park will be submitted later this year with development commencing in 2018.
Jeremy Greenland, Peel Logistics Property CEO, said: “We are very pleased to secure a prime site like this, ideally placed to serve both national and urban logistics occupiers. This project represents another positive step in our strategy to grow Peel Logistics Property into a leading UK logistics real estate development and investment management business.”
Established in 2015, Peel Logistics Property is a specialist UK logistics and industrial property development and investment business. The company is jointly owned by its institutional founders, Peel Group and Macquarie Capital, and the Peel Logistics Property senior management team.
Commercial Real Estate partner Eugene McMahon advised on the acquisitions. Construction advice in relation to the Port Salford transaction was provided by Head of Construction, Partner Sarah Cook, assisted by Charlotte Eccles.