Barwood and Tungsten let 110,000 sq ft in Sheffield
A repurposed B&Q retail warehouse at the heart of the Greenland industrial and trade park has been taken by Paragon Customer Communications.
Three miles east of Sheffield city centre, Greenland Park forms part of the established Sheepcote Lane Industrial Area. Practical completion was reached earlier this year.
Repurposing a former B&Q retail warehouse and developing the under-utilised car park, the scheme has been funded by Barwood Capital’s Regional Property Growth Fund IV and delivered by Leicester-based industrial specialist Tungsten Properties.
Along with the centrepiece ex-B&B store, the scheme includes seven trade counter units of varying sizes up to 12,000 sq ft.
During the construction phase, the scheme attracted national occupiers including Wolseley UK, Costa Coffee, Headlam and Formula One Autocentres. The Paragon deal takes the development to 83% occupied.
Paragon Customer Communications is a specialist supply chain and workspace solutions business. The firm has leased units 1a and 1b combined (accounting for the former B&Q building) on a five-year term at £7.25 per sq ft.
Adam Smith, asset management director at Barwood Capital, said: “Our conviction that a redundant retail warehouse could be successfully repurposed has been proven. It strikes a positive note to see this building and its surrounding land given a new lease of life – a theme that will no doubt develop across the country as investors refine their ESG requirements.’’
David Mole, development director at Tungsten Properties, added: “With a further 10% of the scheme now under offer to a national occupier, the positive letting story continues and just four months after reaching practical completion, four trade counter units remain available. Based on the interest received to date, we are expecting to see those let quickly.”
GV&Co and Colliers are retained agents on the scheme.