A 101,337 sq ft warehouse which stands on the Sheffield Olympic Legacy Park is to be brought back into sports retail use strengthening the city’s position as a leading centre for ice hockey and sport in the UK.
Steel City Property Holdings, a joint venture with Puck Stop Ltd and Steelers Ice Arena Ltd, has purchased the Technology Building on Terry Street in Sheffield for a seven figure sum.
The transaction will see Puck Stop consolidate its nationally recognised ice hockey equipment business, currently run from Attercliffe Common in Sheffield, through a new larger store and additional warehousing space and also allow Sheffield Steelers to expand its merchandise manufacturing and retail unit. The expansion is expected to create a number of new jobs.
It is also hoped another local sports organisation will move into the site once fit out is completed next year.
MD Law’s commercial property partner Travis Wood acted for Steel City Property Holdings on the property acquisition along with SMH Group’s Head of Commercial Finance James Furniss and SMH Group director Mark Bardwell who advised on funding and tax. CBRE acted for the vendor. Kate Darbyshire and Guv Semhi at Lloyds Bank also advised on the deal.
Directors Richard Day at Puck Stop and Steelers director Tony Smith were determined to bring a new sports related addition to the world class facilities already located on the park.
Richard Day, Director of Puck Stop Ltd, said: “We are incredibly proud to have secured Technology House and to be investing in the future of sport within Sheffield. This move represents a major milestone for Puck Stop, giving us the space we need to expand our retail and warehousing operations, improve efficiency and create an even better experience for our customers.
“The Sheffield Olympic Legacy Park is a unique destination built around sport, health and innovation, so it is the perfect home for our next phase of growth. Alongside the Sheffield Steelers, we are committed to bringing this building back into productive use and creating opportunities for other sports organisations to be part of the site.
“We are particularly excited that the development will enable us to create one of Europe’s largest Bauer mono-brand hockey stores, strengthening Sheffield’s position as a leading centre for ice hockey and sport in the UK. This investment demonstrates our confidence in the city and our ambition to continue growing for many years to come.”
Technology House stands alongside Sheffield Arena and near sporting venues Ice Sheffield and the English Institute of Sport on the site of the Sheffield Olympic Legacy Park, a partnership between Sheffield City Council; Sheffield Teaching Hospitals NHS Foundation Trust, Sheffield Children’s NHS Foundation Trust, Sheffield Hallam University, NHS South Yorkshire Integrated Care Board, Health Innovation Yorkshire & Humber and South Yorkshire Mayoral Combined Authority.
These key institutions collaborated in 2015 to drive the development of Sheffield Olympic Legacy Park and deliver an Olympic legacy through the four themes of Sport, Community, Environment and Economy.
The park’s aim is to improve physical and mental health and wellbeing and harness the power of research and innovation to deliver transformational change and positive outcomes for the population.
Travis Wood, Commercial Property Director at MD Law, said: “This acquisition sees a major investment by two well known sporting organisations in Sheffield into the Olympic Legacy Park and brings another building back into use for sports related activities.”
Mark Bardwell, Director at SMH Group, said: “Having worked with Tony and Richard individually over a number of years, it was fantastic to have the opportunity to be involved in such an exciting new venture for both businesses.
“They have both played significant roles within the ice hockey community for many years, so to see them come together on a project of this scale, which will help support the continued growth of the sport in Sheffield, is something we were delighted to be part of.
“It is a significant investment for both businesses and a great example of ambitious local business owners continuing to invest in Sheffield and the wider region.”
James Furniss, Head of Commercial Finance at SMH Group, added: “Deals like this do not come around very often and, when it involves a sport I have followed since I was young, it makes it particularly exciting to be involved.
“This transaction is also a great example of how the SMH Group works. We have specialists across the business who can work together to support clients through significant transactions like this. With both businesses already working with our accountancy team, it was a natural next step for Mark to introduce the opportunity to me so we could look at the funding requirements.
“Working closely with Guv Sehmi and the team at Lloyds Bank, we were able to understand what Tony and Richard wanted to achieve and structure a funding package that worked for both parties and supported their longer term plans for the site.
“Transactions of this size involve a number of moving parts, so having the accountants, commercial finance advisers, legal team and lender all working closely together was extremely important in getting the deal completed.
“It is a major investment in two successful Sheffield businesses, but also in the future of the city’s sporting infrastructure.”