Panattoni is planning to develop its biggest-ever speculative logistics building in the UK, a 630,000 ft2 facility in Yorkshire.
The 630,000 ft2 facility will be built along with a smaller 85,000 ft2 facility by Junction 1 of the M18 motorway at Rotherham on a 40-acre site, which Panattoni has recently acquired from Stretton Denman.
Panattoni is aiming to submit a reserved matters planning application in the next few weeks, with a view to beginning construction in the first quarter of 2022.
The 715,000 ft2 development, called Interchange Park, is part of Panattoni’s commitment to a significant speculative development programme in the UK in 2021 in response to strong demand from occupiers for immediately available space. The acquisition of Interchange Park increases the size of Panattoni’s current speculative development programme to around 4.2 million ft2 across eight locations across the North and Midlands, the largest of which are at South Normanton, Derby, Northampton and Crewe.
Dan Burn, Development Director for the North West and Yorkshire at Panattoni, said: “Our continued appetite for speculative development reflects the strength of demand from occupiers for immediately available space. In the first quarter of this year half of all take-up in the logistics sector was of speculative developments, driven by demand from e-commerce companies. And in the last 12 months alone, we have let more than 6 million ft2 of space.
“Having let our speculative Wakefield 515 development in May, we are delighted to have acquired this strategic site and look forward to bringing this nationally significant scheme forward over the coming months”.
Letting agents at Interchange Park are M1 Agency, Legat Owen and Knight Frank.