M3 push into city with new offices

M3’s new Sheffield partners, Roger Haworth, previously of Atisreal, and Toby Vernon, from Knight Frank, are confident about prospects and say Sheffield and South Yorkshire are bucking the national slowdown in the property market.

Roger Haworth says: “We always felt that Sheffield could accommodate at least one other firm due to the rapidly expanding market in the surrounding region.

“Being able to start a new office in the city where we both started our careers is a great feeling especially as we have the backing of a very successful firm behind us. There is plenty of scope to grow in this market and we have a large number of contacts to help us achieve this.”

Toby Vernon said: “Sheffield has been a very well kept secret, in terms of the number of property professionals, compared with Leeds and Manchester.

“There are over 35 practices in Leeds, fighting for the same market. In Sheffield there are less than 10. In West Yorkshire there are over 100 practices and in South Yorkshire there are approximately 30.

“When it comes to main players, there are just six in Sheffield.”

Although rising interest rates have led to a slowdown in the investment market nationwide, Toby Vernon says demand is outstripping supply in Sheffield and South Yorkshire, there is still land available in good locations and a wealth of indigenous businesses in secondary space who would like to move to better premises.

“Where spec developments have taken place, take up has been rapid. Developments don’t stay empty.

“Scarcity has helped rental growth, capital values have increased dramatically and these factors are all encouraging further institutional investment,” adds Toby Vernon.

Roger Haworth says the availability of a loyal workforce, average pay rates in the distribution industry which are 2 an hour lower than the UK average and spare capacity at local ports such as Immingham are an added attraction.

Prospects for further growth in distribution is also fuelled by the development of the 650,000 sq ft Sheffield International Rail Freight Centre, says Roger Haworth.

The terminal, on the site of the old rail workings at Tinsley, is one of a number of distribution projects that M3 is already deeply involved with. It will be South Yorkshire’s primary rail distribution facility.