An online retailer – widely reported to be Amazon – has snapped up AEW UK Investment Management 512,500 ft2 Wakefield 515 mega warehouse in West Yorkshire.
The property, built by Panattoni, has been pre-let on a five-year lease. It is currently under construction, on time and on budget, with completion expected in June 2021.
The Grade A logistics development is being completed to a BREEAM Very Good and EPC A ratings. The unit will have over 80 dock level doors and parking spaces for over 229 HGVs as well as a rainwater harvesting system and 15% roof lights.
The development is part of the Allianz Real Estate segregated account managed by AEW launched in February 2019. It focuses on develop-to-core opportunities in prime locations in the UK.
This is the third letting for the portfolio and the first pre-let agreement. Following the recent letting agreement for East Midlands Distribution Centre 525 with Buy It Direct, occupancy across the whole portfolio will be 100% once letting commences in June.
Spencer Corkin, Director, Acquisitions at AEW commented: “The demand for Grade-A warehousing remains strong, particularly in West Yorkshire, where supply at the larger end is limited.
We now have a fully occupied portfolio of Grade A logistics facilities and will look to expand our footprint by continuing to do speculative developments of Big Boxes in well-established but under supplied locations across the UK.”