PLP ACQUIRES SITE FOR 310,000 SQ FT DEVELOPMENT
Wed 29 Jan 2020
Logistics investor and developer PLP has acquired a site in West Yorkshire for a new 310,000 sq ft speculative development that could support up to 500 jobs.
The 16-acre site at Silkwood Business Park in Wakefield was acquired from St James's High Park Limited by PLP's flagship investment vehicle, the PLP UK Logistics Venture (UKLV), which is owned by majority investor Ivanhoé Cambridge alongside Peel Group, MIRA Real Estate and PLP senior management.
A planning application for a two unit logistics/warehousing scheme totalling 310,000 sq ft, to be known as PLP Wakefield, will be submitted to Wakefield Borough Council.
Unit 1 will comprise 236,000 sq ft and Unit 2 75,000 sq ft, with PLP aiming to begin construction in summer 2020 and completion scheduled for spring 2021.
Matthew Fitton, development director at PLP, said: "The acquisition of Silkwood Park further strengthens PLP's strategic position in the Yorkshire region following recent acquisitions in Leeds and Sheffield. The proximity of the site to Junction 40 of the M1 is likely to appeal to both national and regional businesses alike.
"We are excited to bring forward our speculative development proposals, creating up to 500 new jobs when the units are occupied and fully operational."
Richard Saul, head of UK asset management at Ivanhoé Cambridge, added: "Our continued investment via UKLV into best in class sites, where we are confident to develop out speculatively, means we are seeing significant outperformance compared to core logistics assets. We look forward to welcoming occupiers in due course to this development."
CBRE and Gent Visick have been appointed as leasing agents for the scheme.