Mirastar takes over at Sheffield’s Catalyst
Joint venture partners Premcor Estates and Peveril Securities have formally completed the sale of the 285,000 sq ft industrial scheme to Mirastar, KKR Real Estate’s European industrial platform.
Close to Junction 33 of the M1 and split across five units, Catalyst sits in Sheffield Business Park, fronting Sheffield Parkway. Local occupiers include Airbus, Boeing, BAE Systems, McLaren Automotive, Rolls-Royce and the UK Atomic Energy Authority.
JLA Group and Cosentino took 109,000 sq ft and 33,600 sq ft respectively in June, accounting for half the space prior to completion.
County Durham-based private developer Premcor acquired the 18-acre site off-market in March 2021 by making a direct approach to its owner with support from agent BNP Paribas Real Estate.
The site had the benefit of an outline planning consent for industrial development and was the last remaining plot on the park.
Mirastar’s interest has long been in the public domain. Premcor and Peveril – the development arm of Bowmer + Kirkland – structured the deal in such a way that they delivered the construction while Mirastar took on the marketing and search for occupiers through Knight Frank, M1 Agency and GV&Co.
With construction now complete, the deal has been concluded.
Premcor director Simon Hawkins founded the business with Rob Lane in 2018. He said: “Premcor has an entrepreneurial approach to property development and a track record of successfully matching market demand with investor requirements and this deal was no different.
“The site was part of the former Sheffield Airport land, so we were delighted to be able to buy it off-market. It’s in a highly sought after location, just off the M1 and close to the M18 where there has been a lack of new development stock coming forward recently, which means the area benefits from a strong occupier demand with rents moving on towards and beyond £8 per sq ft.
“We approached Peveril with the site at the outset. It is the first time we have worked together, so I would hope we can do so again going forward. It is also our first time working with Mirastar after marketing the funding opportunity via our investment agents, Doherty Baines and Knight Frank. It has all gone very smoothly and we are pleased with the result.”
Peveril managing director, Ralph Jones, said: “Peveril specialises in investment and development both in a sole capacity and as a JV partner, so I was pleased to be approached by Premcor with this opportunity which was a great fit for our portfolio.
“As part of the B+K Group, Peveril enjoys the benefit of being able to finance a variety of deals from balance sheet capital. It has been a good experience working with Premcor and a most satisfactory outcome.”
Kris Britland, Mirastar’s development director Northern Europe, added: “The development at Catalyst has been an exemplary acquisition for us.
“We agreed terms with Premcor and Peveril to help bring forward the scheme. Fronting Sheffield Parkway, it is in a prime position to satisfy a wide range of occupiers, offering an advantageous location adjacent to the main arterial route from the M1 for occupiers wanting growth or relocation opportunities, in addition to the opportunity to tap into excellent labour resources in the region.”