The development, Wakefield515, is a partnership between Panattoni and AEW and is set to be the largest speculative warehouse under construction in the North of the UK.
The unit is anticipated to be ready for occupation in summer of 2021.
Wakefield515 is located adjacent to TK Maxx Regional Distribution Centre on the strategically important junction of the M62 and A1(M).
Panattoni will support up to 500 full-time jobs and introduce £5.5million into the local economy through employment alone as a result of the construction of Wakefield515 warehouse.
The new facility is built to offer maximum flexibility to any potential occupier, for industrial, logistics, distribution and manufacturing uses.
The cross-docked warehouse will benefit from yards of up to 100m and will incorporate sustainable features including rainwater harvesting systems, use of energy efficient materials, PV ready roof and LED motion sensor lighting. The building will be built to a BREEAM rating of ‘Very Good’ and EPC rating of ‘A’.
Andy Preston, Development Manager at Panattoni, said: “There is a lack of supply of large warehouse facilities along the M62 corridor, and despite tougher economic conditions as a result of the on-going Pandemic, e-commerce remains strong and we believe that the new development of Wakefield515 will attract a high level of demand.”
Councillor Darren Byford, Wakefield Council’s Cabinet Member for Economic Growth and Regeneration, said: “We are delighted that planning consent has been granted for Panattoni to begin this construction which will bring further employment and skilled roles to our district. Panattoni have a pedigree in securing investment from some excellent brands and I am looking forward to welcoming such employers to our district.
"Wakefield515 is a great site with excellent access to the motorway network, perfect for attracting skilled workers from the local area. We welcome the investment into the area and look forward to seeing local workers benefit from future employment opportunities.”
Mike Haigh of Dove Haigh Phillips based in Leeds said: “Speculative development of large distribution units in Yorkshire have been scarce over recent years while demand has taken-up all
existing supply. The pipeline of new development remains thin so Wakefield515 will be a key addition to the Yorkshire market.”
Richard Harris from JLL commented “The logistics sector in the UK has bucked a lot of trends in recent years as demand, particularly from online retailers has remained high. The growth of online shopping has only accelerated during the COVID-19 crisis and is fuelling demand for flexible space in the right location. Yorkshire – and Wakefield515 – is perfectly positioned to offer access to key markets.”
Matthew Byrom, Managing Director at Panattoni commented “This project demonstrates Panattoni’s utmost confidence in the continued strength of the UK market and underscores our
strategy of building speculatively in all key markets to capture the acceleration of e-commerce and the upsurge in movement into on-line retail by many of our customers.”
This follows on from Caddick Group’s successful delivery of the Crosspoint 33 development, a £100m scheme adjacent to this site, specifically a 1.2m sq. ft. distribution centre now occupied by TJX Europe, parent company of retail brands TK Maxx and HomeSense.