Panattoni acquires 23-acre Wakefield site
The I&L developer has purchased land at the Europort estate from Delin Property and plans to build a 500,000 sq ft speculative unit, with construction expected to begin later this quarter.
Panattoni Wakefield 500 will target BREEAM Outstanding and will have 56 dock doors, eight level access doors, yard depths of up to 50 metres, 62 HGV spaces, 384 car parking spaces and a power supply of 2.5 MVA.
The development will be another large-format speculative scheme in Yorkshire for Panattoni, which recently completed on its largest speculative logistics build to date, the 783,000 sq ft Central A1(M) unit near Doncaster, and comes at a time when supply of this size remains constrained.
Currently, there are no speculative units of this size under construction in Yorkshire. Panattoni believes delivering the scheme on a speculative basis provides occupiers with greater certainty around pricing and deliverability in an otherwise volatile market.
Wakefield Europort is based at J31 of the M62 with connectivity via the M1 and A1(M), and is home to a rail freight terminal operated by Maritime.
Andrew Preston, senior development director at Panattoni, said: “Wakefield Europort is one of the strongest logistics addresses in Yorkshire, and this acquisition reflects our conviction that demand for large-format, high-specification space in this market is not being adequately served by existing supply.”
Daniel Raemy, chief executive at Newport by Panattoni, which will deliver the unit, said: “This acquisition further strengthens Newport Fund III’s strategy to invest in strategically located European logistics assets with strong long-term occupier relevance.
“Wakefield 500 expands our UK exposure into the big-box segment, combining scale, excellent motorway connectivity and intermodal potential in one of the country’s most established logistics corridors.
“The project reflects the type of institutional-quality development we continue to target – assets aligned with evolving supply-chain requirements, sustainability standards and future liquidity expectations.
“Together with Panattoni’s UK proven delivery platform, we believe this investment supports the fund’s strategy of building a resilient, future-oriented logistics portfolio across Europe.”
