Poundworld has taken on a 15-year lease of 524,000 sq ft distribution centre in Wakefield at a rate of £2.5m per year from LondonMetric Property. Construction of the distribution centre is due to commence later this year, with an expected completion date of autumn 2016.
Mark Ward, property director at Poundworld Retail, said: “We have a rapid store expansion programme over the next three years and the new distribution centre will aid our expansion plans, improve efficiency and allow for a broadening of our product range in our single and multi-price format stores.”
LondonMetric purchased the site from CDP, the development arm of Marshall Construction Group and will forward fund the development with a £39.4m investment. The 30-acre site is located near junction 31 of the M62 in a logistics hub with adjoining occupiers including Asda, DHL, HSBC, Royal Mail and TK Maxx.
* LondonMetric Property has acquired a 330,000 sq ft Next Distribution warehouse for £29 million.
The warehouse is located two miles north west of junction 38 of the A1(M) in South Elmsall, Doncaster.