Caddick selected to deliver $64m logistics scheme in UK

WCN Editorial Team 11 Nov 2019 EUROPE BUILDINGS

Construction and property development firm Caddick Group has been selected to build a £50m ($63.8m) GDV distribution centre near Wakefield in Yorkshire, UK.

Global real estate investment manager AEW Investment Management, which has bought the site from Caddick Group, will fund the construction of the 512,000ft² warehouse, named Wakefield 515.

Planned to be developed in phases, the Wakefield 515 represents the second phase of the Crosspoint 33, a logistics hub being built at Junction 33 on the M62 motorway.

Caddick earlier built the £100m ($127.7m) Cross Point 33 phase one, a 1.2 million ft² distribution centre, which is now occupied by TJX Europe.

Planned to be completed by the fourth quarter of 2020, the Wakefield 515 cross-dock facility will feature up to 100m yards, 80 dock doors, 229 HGV parking spaces. The building will be marketed jointly by Dove Haigh Philips and JLL.

Caddick Developments managing director Myles Hartley 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.”

AEW UK Investment Management investments managing director and head Nick Winsley said: “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 said it is set to commence work on-site with the first phase of its £300m ($383.1m) SOYO neighbourhood in Leeds city centre. The 515-home build-to-rent (BTR) scheme is intended for Moda Living.

Currently, Caddick is working on a host of other industrial and logistics schemes including the £10.7m Novus Business Park in Knutsford for Chancerygate.

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Image: Caddick Group will build the distribution centre in Yorkshire. Photo: courtesy of Caddick Construction.

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