Yorkshire agent brokers £120m deal for major retailer

Leeds-based property consultancy Gent Visick has negotiated the UK’s biggest ever industrial sale and leaseback transaction.

This follows on from advising retail giant Sports Direct on the sale of its 1.8 million sq ft headquarters and distribution centre at Shirebrook, Derbyshire.

The £120.5m sale is the UK’s biggest industrial sale and leaseback transaction in terms of footprint size and the fifth largest by value.

Rupert Visick, Gent Visick’s managing director who negotiated the deal, said: “This is an impressive site that has been developed in phases, to an exceptional standard and specification, over the last 14 years with work completing in 2018.

“We approached a number of potential buyers throughout the world and were able to generate strong interest due to its central UK location and the calibre of Sports Direct as a long-term tenant, as well as the overall quality of the site.

“Completing a deal of this size, for one of the UK’s prime super-sheds, on behalf of a household name, is a superb result for Gent Visick.”

The 75-acre site was acquired in an off-market deal by an international pension fund, which was advised by CBRE Global Investors, represented by DTRE and Clifford Chance. Gent Visick, CBRE and Dentons all acted for Sports Direct.

Around 4,000 people work at the site and it has six buildings, which cover a floor area of 1.8m sq ft and offer a total of 2.6m sq ft including mezzanine levels.

Michael Murray, head of elevation and innovation at Sports Direct, concluded: “We have recently completed our Shirebrook campus project, consisting of a semi-automated warehouse, training academy, five retail units and a gym.

“We believe that this transaction will realise great long-term value for the business and its shareholders, as we continue to invest in our elevation strategy across the UK and Europe, whilst partnering with an investor who shares our vision.”