Work to start on 524,000 sq ft distribution centre in Wakefield
06 Jul 2015
LondonMetric Property has exchanged conditional contracts with CDP Ltd, the development arm of the Marshall Construction Group, to purchase and forward fund the development of a retail distribution centre in Wakefield for £39.4m.
The warehouse is pre-let to Poundworld Retail on a 15 year lease, with construction set to start later this summer and practical completion targeted for autumn 2016.
The 30-acre site is located near junction 31 of the M62 in a logistics hub that already includes Asda, DHL, HSBC, Royal Mail and TK Maxx.
Andrew Jones, chief executive of LondonMetric, said: "As our two existing distribution developments near practical completion, this acquisition replenishes our near term development portfolio and extends our currently committed and pipeline developments to c3.5 million square feet."
Mark Ward, property director at Poundworld Retail, said: "We have a rapid store expansion programme over the next three years and the new distribution centre will aid our expansion plans, improve efficiency and allow for a broadening of our product range in our single and multi-price format stores."