23-acre site acquired for 500,000 sq ft speculative build
Industrial developer, Panattoni, has acquired from Delin Property a 23-acre site at Wakefield Europort, West Yorkshire.
The buyer intends to deliver “Panattoni Wakefield 500” at this site – a speculative logistics and warehousing development of 500,000 sq ft – in a joint venture with Newport. Construction is scheduled to start in this quarter.
The development will feature 62 HGV spaces and 384 car parking spaces.
No units of this size are currently under construction on a speculative basis in the Yorkshire region.
Andrew Preston, senior development director at Panattoni, said: “Wakefield Europort is one of the strongest logistics addresses in Yorkshire, and this acquisition reflects our conviction that demand for large-format, high-specification space in this market is not being adequately served by existing supply.
“The combination of M62, M1 and A1(M) connectivity is rare at this scale, and the presence of a rail freight terminal adds a further dimension that is increasingly relevant to occupiers with sustainability commitments.
“We look forward to starting on-site this quarter and bringing this speculative warehouse for occupation as quickly as possible.
Daniel Raemy, chief executive officer at Newport by Panattoni, added: “This acquisition further strengthens Newport Fund III’s strategy to invest in strategically located European logistics assets with strong long-term occupier relevance.
“Wakefield 500 expands our UK exposure into the big-box segment, combining scale, excellent motorway connectivity and intermodal potential in one of the country’s most established logistics corridors.
“The project reflects the type of institutional-quality development we continue to target – assets aligned with evolving supply-chain requirements, sustainability standards and future liquidity expectations.
“Together with Panattoni’s UK proven delivery platform, we believe this investment supports the fund’s strategy of building a resilient, future-oriented logistics portfolio across Europe.”
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