PLP leases both units at PLP Wakefield on Practical Completion
Both units at PLP Wakefield are let and operational, with a major retailer onsite as of mid-October. PLP Wakefield is a two-unit logistics scheme totalling 311,000 sq ft (236,000 and 75,000 sq ft). The 16-acre site is situated adjacent to Junction 40 of the M1 in Wakefield. The scheme was developed speculatively by PLP and is now fully let a major retailer as a last mile delivery facility.
PLP acquired the site off market from St James Investment and Property Company in December 2019 and committed to developing the site speculatively, with work commencing in Summer 2020 and it was completed in May 2021 when the retailer took possession of the buildings, the main contractor was JF Finnegan.
PLP Wakefield is one of the first completed carbon net zero warehousing logistics developments in the UK. It was developed in accordance with the UK Green Building Council Net Zero Buildings Framework. The carbon net zero concept combines net zero construction with carbon net zero ready design. This allows the occupier to achieve carbon net zero operation by utilizing built in renewable energy features and procuring appropriate renewable energy supplies. As such, both buildings were designed to enable the future installation of additional solar PV and the infrastructure provided for the future installation of battery storage units. The entire site received a BREEAM rating of ‘Very Good’ and an EPC rating of ‘A’. In addition to the units benefitting from electric vehicle charging points, they were future proofed to allow for all HGV / staff parking spaces to accommodate electric charging points should the occupier require at a later date.
The units were delivered to an extremely high specification, within budget and on programme allowing the major retailer to commence their fit out immediately post practical completion. PLP had the foresight and ambition to speculatively develop in this location and this conviction was rewarded with the buildings being leased without any marketing void. The units were let on market leading terms delivering extremely strong financial returns.
Matthew Fitton, Development Director at PLP commented ‘This was a fantastic result for PLP, from buying the site off market to delivering the buildings on time and within budget during the pandemic was testament to everybody involved in the project, we started discussions with this global retailer half way through the construction period and leased to them on Practical Completion, this retailer are operating out of there as a last mile facility to serve the Wakefield area, the fact they had been developed as carbon net zero helped in discussions and illustrates that this is a real issue now for occupiers when looking to secure new property, PLP have committed to carbon net zero development on all speculative buildings and sites’.