PLP leases entire Phase 1 of PLP Crewe on Practical Completion

PLP, the UK logistics developer and investor,  has let the entire first phase of its PLP Crewe logistics development to Brightstar, the world’s leading provider of integrated solutions for the mobile and financial service industries. Phase 1, PLP Crewe consists of two speculatively built units of 43,000 sq ft and 92,000 sq ft.

PLP Crewe is a prime 30 acre gateway logistics site with excellent links to Junction 16 of the M6 and the proposed HS2 Crewe Hub. It offers occupiers the opportunity to secure market leading warehouses in a well connected, modern business park environment.

The rapid letting is likely to accelerate development at Phase 2, PLP Crewe – a fully serviced 20 acre plot offered for design-and-build development of up to 500,000 sq ft in single or multiple units. The site already has outline planning consent and can be developed for occupation in less than 12 months.

The site was acquired in 2019 by PLP’s flagship investment vehicle, UK Logistics Venture (UKLV), whose majority investors are Ivanhoé Cambridge, Peel Group and MIRA Real Estate.

Keith Wilson, Development Director at PLP said: “We are delighted to welcome Brightstar to our PLP Crewe development. Letting both Phase 1 units so quickly really demonstrates PLP’s capability to invest in key strategic locations and deliver high-quality urban logistics units for leading industry occupiers. In keeping with PLP’s sustainability commitment, both units were delivered to Carbon Net Zero Ready status which is already proving to be a significant point of difference for occupiers.”

Richard Saul, Head of UK Asset Management, Ivanhoe Cambridge added: “The speedy letting of this phase of the development underwrites our confidence in Logistics as an asset class. We continue to look for opportunities like this one with PLP in the UK as well as in continental Europe.”

Knight Frank advised on the transaction.