Panattoni Powers Ahead in Yorkshire
Panattoni, Europe’s largest industrial developer, has now broken ground on a new 515,000 sq ft speculative development in Yorkshire.
Panattoni, Europe’s largest industrial developer, has now broken ground on a new 515,000 sq ft speculative development in Yorkshire. The development, Wakefield515, is in partnership with AEW and is set to be the largest speculative warehouse under construction in the North of the UK.
Wakefield515 signifies one of the sectors’ largest commitments since the emergence of the Covid-19 Global Pandemic and re-enforces Panattoni’s continued appetite for the UK. The unit is anticipated to be ready for occupation in Q2 2021.
Wakefield515 is located adjacent to TK Maxx Regional Distribution Centre on the strategically important junction of the M62 and A1(M), providing direct access to major cities and ports such as Manchester, Liverpool, Leeds and Immingham.
Panattoni will support up to 500 full-time jobs and introduce £5.5million into the local economy through employment alone as a result of the construction of Wakefield515 warehouse.
The new facility is built to offer maximum flexibility to any potential occupier, for industrial, logistics, distribution and manufacturing uses. The cross-docked warehouse will benefit from generous yards of up to 100m and will incorporate sustainable features including rainwater harvesting systems, use of energy efficient materials, PV ready roof and LED motion sensor lighting. The building will be built to a BREEAM rating of ‘Very Good’ and EPC rating of ‘A’.
Andy Preston, Development Manager at Panattoni, said: “There is a lack of supply of large warehouse facilities along the M62 corridor, and despite tougher economic conditions as a result of the on-going Pandemic, e-commerce remains strong and we believe that the new development of Wakefield515 will attract a high level of demand.”
Cllr Darren Byford, Wakefield Council’s Cabinet Member for Economic Growth and Regeneration, said: “We are delighted that planning consent has been granted for Panattoni to begin this construction which will bring further employment and skilled roles to our district. Panattoni has a pedigree in securing investment from some excellent brands and I am looking forward to welcoming such employers to our district.”
Richard Harris from JLL commented: “The logistics sector in the UK has bucked a lot of trends in recent years as demand, particularly from online retailers has remained high. The growth of online shopping has only accelerated during the COVID-19 crisis and is fuelling demand for flexible space in the right location. Yorkshire – and Wakefield515 – is perfectly positioned to offer access to key markets.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.