PLP’s UK logistics investments vehicle has bought a 16-acre site at Silkwood Business Park in West Yorkshire for a 310,000sqft logistics development.
The PLP UK Logistics Venture (UKLV) – owned by Macquarie Capital, Peel Group, Ivanhoé Cambridge and PLP’s senior management team – has paid an undisclosed sum to buy the Wakefield site from St James’s Place’s High Park.
PLP said a planning application for a two-unit logistics/warehousing scheme known as PLP Wakefield will be submitted to Wakefield Borough Council.
PLP will begin to develop the properties speculatively in summer this year with completion scheduled for Spring 2021.
Silkwood Business Park is an established commercial location with a strong occupational base and good access to a large, skilled labour force.
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.”
Fitton said the proximity of the site to Junction 40 of the M1 is likely to appeal to both national and regional businesses.
“We are excited to bring forward our speculative development proposals, creating up to 500 new jobs when the units are occupied and fully operational.”
Richard Saul, head of UK asset management, Ivanhoé Cambridge, said: “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.”