Avison Young brings Centric 40 plot to market
Amid limited land supply for West Yorkshire mid-box development, the 3.7-acre Wakefield site sits within an established industrial estate and has outline permission for two units.
Located off Flanshaw Way, the site is close to J40 of the M1, with two access points.
Outline consent was granted in 2017 for a four-unit scheme on the plot and the adjacent plot to the front, which has since been developed and leased.
A report from Avison Young has highlighted how, despite strong demand from developers and occupiers, a shortage of development-ready space in West Yorkshire is hindering the market.
Mid-box developments, measuring from 30,000 sq ft to 100,000 sq ft, currently sit at a prime rent level of £9.75-£10.25/sq ft in the region.
This rental growth, alongside stabilising building costs, the lowering cost of finance, and investment yields strengthening, is supporting the viability of development in West Yorkshire.
Take-up in the region has been ‘significant’, following a number of schemes developed in 2022-23, most of which are now leased, with second-hand supply of units also constrained.
Typical occupiers for mid-box developments cover a range of industries, including manufacturing, warehousing, and distribution.
Rob Oliver, principal, industrial at Avison Young UK, commented: “Demand for mid-box space across West Yorkshire remains strong, but the challenge continues to be the availability of development-ready land for the next phase of supply.
“Sites like this one in Wakefield are increasingly rare and their emergence is crucial to keeping pace with occupier needs and supporting regional supply chains.”
