Wakefield 515, previously known as Crosspoint 33 phase two, will sit next to the already completed £100m 1.2m sq. ft. distribution centre now occupied by TJX Europe, parent company of retail brands TK Maxx and HomeSense.
AEW will buy the site from Caddick Group and fund the development for its recently launched €290m develop-to-core UK logistics venture with Allianz.
The scheme is based at Junction 33 on the M62 motorway.
A spokesperson said that the site’s “strong transport connectivity” is expected to appeal to retailers, e-commerce businesses and 3PLs.
The project will employ 163 people during the construction and expected 693 jobs will be created when the site becomes fully-operational.
Work will start on site early next year with the building due to be delivered by the end of 2020. It will be marketed jointly by Dove Haigh Philips and JLL.
Myles Hartley, managing director at Caddick Developments, said: “As a Group our focus is on structurally-supported asset classes such as build-to-rent and industrial/logistics, where we see long-term growth potential. Wakefield 515, which follows on from our successful Crosspoint 33 development, will be a landmark scheme in terms of size and scale and we are keen to start on-site, creating hundreds of jobs locally both during and after construction.”
Nick Winsley, managing director and head of investments at AEW UK Investment Management, commented: “This acquisition is an excellent opportunity for AEW. The UK logistics sector is demonstrating historically strong take-up, occupancy levels and rental growth with very little new Grade A supply in the Yorkshire market for larger warehouses.”
Caddick’s build-to-rent housing brand Moda Living opened its first development, Angel Gardens in central Manchester, last month.