MIPIM 2016 Marks Evolution of PLP
PLP used its annual event at MIPIM to report on a strong 12 months that have included the launch of Liverpool’s largest speculative development for a decade and the near-completion of a 280,000 sq ft new warehousing facility for Culina Logistics at Port Salford, the UK’s first tri-modal distribution park.
Speaking at MIPIM 2016, Matt Fitton, Director of Development at PLP commented:
“We have continued to build momentum through the year. PLP is now a joint venture between Peel Land & Property and Macquarie Capital, currently approaching 500,000 sq ft of warehousing space under construction with much more to come. We are investing heavily in our assets to create ‘oven ready’ land opportunities as we acknowledge that the occupational market is ever more demanding in terms of delivery timescales and we are reacting to that. We are currently in discussions with other logistics operators about new warehousing facilities across the PLP portfolio and we remain confident about the next 12 months.
“In June 2015, Peel Land & Property announced its JV with Macquarie Capital, the corporate advisory, capital markets and principal investing arm of the Macquarie Group.”
“We are also shortly to complete the 280,000 sq ft pre-let to Culina Logistics in April. Port Salford will become the UK’s first tri-modal inland port facility and Distribution Park accessible by road, rail and short-sea shipping, and is situated next to the Manchester Ship Canal, M60 and M62 motorways.”
“Culina Logistics will utilise the Manchester Ship Canal to move containers from Liverpool2”, added Fitton. “With the potential to offer close to 5 million sq ft of logistics warehousing space, Port Salford is a key development site in the PLP portfolio and offers the northwest the opportunity to create a tri-modal distribution park of national relevance.
“The Culina Logistics story is real proof of concept in the belief that Liverpool2 and moving containers along the Manchester Ship Canal will be transformational in how the supply chain will function in the future.”
Matt Fitton also spoke about PLP’s speculative proposals in the North West.
L175 is the largest speculative development for a decade in Liverpool and is scheduled for completion in August 2016. Located at Liverpool International Business Park, close to Liverpool2, adjacent to John Lennon Airport and five minutes from Jaguar Land Rover, the 175,000 sq ft logistics warehouse is perfectly located to serve both the JLR supply chain and the wider logistics market.
Speaking at MIPIM, Matt Fitton also updated attendees on Knowsley 800, PLP’s site at Knowsley Business Park. Knowsley 800 has the ability to accommodate up to 800,000 sq ft with power up to 8MVA. The site is located next to Knowsley Rail Freight Terminal, 15 minutes to the M6 and just 10 miles to Liverpool2.
The joint venture with Macquarie Capital has facilitated the evolution of PLP into a leading logistics platform as Jonathan Harris of Macquarie Capital commented:
“Our shared vision is to continue evolving PLP into a full service logistics enterprise undertaking the development, ownership and management of prime logistics assets.
“By jointly drawing on the complementary skills, expertise and assets of Peel Land & Property and Macquarie, the JV is already evidencing a track record in the delivery of grade A logistics warehousing facilities, not least with the speculative development of L175 at Liverpool International Business Park.”
“Speculating, Developing, Preparing: these are the three planks on which we are building the PLP platform. With Port Salford, L175 and Knowsley 800 in our portfolio we are well-positioned to help occupiers meet both their current and future logistics warehousing needs.”