Legal & General Property and joint venture partner developer Barwood are set to submit plans for a 555,000 sq ft mega warehouse in the North West.
The proposals for two single, cross-docked warehouse units of 555,000 sq ft and 100,000 sq ft will be available on a design and build basis on a recently acquired 31 acre site on Lockett Road on the South Lancashire Industrial Estate, near Wigan.
The site purchase is thought to be the largest in the North West of England in over 12 months. It has been acquired on behalf of LGP’s Linked Pensions Fund (the “Fund”) and Barwood will act as the development manager.
Will Edwards, Fund Manager at Legal & General Property, commented: “This transaction provides the Fund with exposure to an attractive distribution development opportunity in a strong location, close to the M6, with little competing supply and considerable demand prospects.”
Andrew Dickman, director of Barwood, said: “This is the first site that we have acquired since establishing the new North West office of Barwood a few months ago and we are delighted to have secured this strategic site. The site is only 1.5 miles from the M6 in one of the UK`s distribution hotspots. We believe it will be of interest to a number of retailers and logistic operators looking for prime distribution space in the North West. Importantly, we are able to deliver bespoke units for occupiers – ready for occupation within nine months – as we will have a detailed planning consent and services are already in place.”
Mike Walker, Director of CBRE, added: “There are now no new big sheds currently available [in the North West market] and there continues to be extremely healthy take-up of space in the sector throughout the North West region. This means if occupiers are looking for new accommodation they will have to go down the design & build route for procurement.”
CBRE acted for LGP and Barwood on the transaction. CBRE, B8 and Moriarty & Co have been appointed as the joint agents on the development going forward.