PLP acquires a 16 acre site at Silkwood Business Park, Wakefield, for speculative logistics development
PLP is pleased to announce the acquisition of a 16 acre development site at Silkwood Business Park in Wakefield. 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.
PLP will speculatively develop the properties with Unit 1 comprising 236,000 sq ft and Unit 2, 75,000 sq ft, commencing in Summer 2020 with completion scheduled for Spring 2021.
Silkwood Business Park, adjacent to Junction 40 of the M1 motorway in Wakefield is a well established commercial location with a strong occupational base and good access to a large, skilled labour force.
The site 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.
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.’
‘In line with PLP’s long term sustainability policies, we are installing roof mounted solar panels, multiple electric charging points for vehicles and the infrastructure for occupiers to augment these post construction.’
Richard Saul, Head of UK Asset Management, Ivanhoé Cambridge commented: ‘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.’