CPP lets two final units on sought-after South Yorkshire Business Park
November 19th, 2021
Acquisition, lettings and asset management specialists Commercial Property Partners (CPP) has let the final two units at the popular Magna 34 Business Park in South Yorkshire.
Terms have been agreed on Units 2 and 3, totalling 64,706 sq. ft, with the same occupier, Magnetic Technology Systems Ltd (trading as Magtec). The deal on the 10-year lease was agreed by CPP on behalf of their client Mileway, Europe's leader in last mile real estate.
Magna 34 enjoys excellent connectivity situated at Templeborough, near Rotherham, less than one mile from Junction 34 of the M1. It comprises of mixed units totalling in excess of 120,000 sq. ft and is already home to Parcelforce, UK Mail and Element Sheffield Ltd.
Magtec specialises in electrification of vehicle drivetrains and is using its new facilities to scale up production to meet growing international demand for its technologies. Its new state-of-the-art facilities cover the full design, manufacture and integration of its world-leading drive systems for both electric and hybrid vehicles.
The expanding company currently employs 125 staff and vacated two older premises in Sheffield and Rotherham to consolidate and expand into Magna 34. The move represents a multi-million-pound commitment whilst creating 30 highly skilled new engineering jobs for projects at the cutting edge of transportation.
Max Pickering, Surveyor at CPP commented: “Magna 34 is an established business park with a very sought-after location, close to both Sheffield and Rotherham, with easy access to the M1.
“There is still significant demand for businesses seeking well-located space across Yorkshire as Magtec has demonstrated as they now consolidate their growing business to this site."
Magtec Managing Director Andrew Gilligan commented: “We are delighted to be opening our new factory and proud to be investing in the future of high-tech design and manufacturing in the UK.
“Fears over a climate emergency are driving change across the global transport industry and Magtec is absolutely at the forefront of the technology needed to make it happen. Our new factory gives us the space to grow, increase production volumes and fulfil our potential in this exciting sector.”