Yorkshire’s speculatively-built warehouse market is back in business.
The claim, from surveyors Knight Frank, comes after a hiatus in 2017 which saw the speculative development scene paused.
Iain McPhail, partner and head of Knight Frank’s Leeds industrial and logistics team, said: “There are a handful of developments already underway in the region, with several more in the pipeline, which will go some way to re-balance the lack of supply experienced by occupiers in the last few years.”
Leeds City Council’s three-unit speculative scheme branded Trilogy@Logic totals around 100,000 sq ft with units ranging from 30,000 to 37,000 sq ft. The development, which completed in June is situated within the Leeds City Region Enterprise Zone close to Junction 45 of the M1 and forms part of Muse Development’s wider Logic Leeds business park.
Yorkshire based Towngate PLC have begun construction of Phase I of Towngate Link, which consists of a two-unit development located within the Cross Green Industrial Estate in east Leeds. The high-specification warehouses will extend to 55,000 sq ft and 62,500 sq ft respectively and will be ready to occupy in February 2019.
Along the M62 corridor, the Barwood Capital and BA Pension fund joint venture has recently been granted detailed planning consent for ‘Super G’, a new 258,000 sq ft distribution facility located off Junction 32 of the M62 which will represent the largest speculative ‘big shed’ in West Yorkshire. Development manager Tungsten Properties commenced construction in August, with practical completion expected in Q2 2019.
Harrogate-based Gregory Property Group have pushed the button on their 9.75 acre Park 32 development in Pontefract. The four-unit scheme offers new units ranging from 12,000 – 82,500 sq ft and is located close to Junction 32 of the M62.
Finally, joint venture partners Pendle Russell have embarked on the final phase of the successful Baildon Business Park located to the north of Bradford. The industrial element consists of a four-unit scheme ranging from 2-12,000 sq ft. Demand for the business park has been overwhelming with the entire final phase going under offer prior to practical completion.
Mr McPhail said: “It’s an exciting time for the industrial market and with continued demand from occupiers, this recent flurry of speculative development will offer end users high-quality options which should encourage further growth in the region. There is still scope for yet more development as take-up levels continue to increase.”