Industrial specialist developer-investor Logicor has signed an international logistics operator in North Yorkshire in the largest occupier letting in the North of England this year.
The developer has agreed a deal with ID Logistics for it to occupy the whole of Sherburn 550, a circa 557,000-square-foot warehouse on Hurricane Way.
The unit on Hurricane Way is part of the larger Sherburn Distribution Park which is a five-minute drive time from Junction 42 of the A1(M) and 10 minutes from J32a of the M62 Motorway.
CoStar News understands that the previous leaseholder, Legal & General Investment Management, handed the property back to the owner before signing its new deal with the European logistics giant.
ID Logistics completed another significant UK industrial letting last year when it took circa 340,000 square feet at Prologis' Grange Park scheme in Northampton. That deal involved it moving into DC7 on a 10-year deal.
ID Logistics manages nearly 450 sites in 18 countries, representing more than circa 96,875,194 million square feet operated in Europe, America, Asia and Africa, with 42,000 employees.
Jack Garrett, Logicor Director of Asset Management, UK, said in a statement: "Leasing Sherburn 550 is testament to Logicor’s ability to meet customer demand and provide them with high quality logistics real estate in the right locations.
"We pride ourselves on knowing what’s important to our customers, and the chance to work with ID Logistics in the UK as well as Europe, to support their growth in the country is an exciting prospect."
Stuart Evans, Managing Director, ID Logistics UK, said: "This property represents an important next step in the growth of ID Logistics in the UK. Logicor, Knight Frank and Carter Jonas teams have supported us in delivering under the timetable we require, and we thank them for their commitment in securing this lease."
The warehouse features Grade A specification including 56 loading doors, 15 metres eaves height, three service yards, quality offices and generous power provision.
The site also forms parts of The Sherburn Distribution Park, which is home to notable national occupiers such as Sainsburys, GXO, Eddie Stobart and Kingspan.
Iain McPhail, partner in the Industrial and Logistics team at Knight Frank’s Leeds office, added: "This is the most significant industrial property deal in the region so far this year. Our Yorkshire and national Industrial and Logistics team have worked tremendously hard and collaboratively on this project together with Logicor and ID Logistics."
Andrew Smith, Partner, Commercial, Carter Jonas, also said in a statement: "We have been working with the ID Logistics team, through our IRELS Partner EOL, over several months to support their growth in the UK by identifying a modern warehouse facility to meet their innovative approach to logistics operations and commitment to eco-performance and optimisation. This lease is an important milestone in their growth."
Knight Frank acted for the landlord while and Carter Jonas acted for the tenant.