Funding has been secured to progress a major employment site at Leeds Valley Park, on the southern gateway to the city, which could directly support 500 new jobs. The investment by the Greater Manchester Pension Fund (GMPF) in a £49.3m deal, means the scheme can now be progressed to service the exceptional levels of demand which are being experienced in the city.
The site, brought forward by Caddick Developments, is set to become the city’s premier urban logistics location. Just 15 minutes south of Leeds City Centre, it boasts unrivalled motorway connections, being located between junction 44 of the M1 and junction 7 of the M621. The scheme is set to provide significant employment opportunities for the local area, whilst also providing improvements to local footpaths, including connectivity to the nearby Stourton Park & Ride.
The project will deliver 300,000 sq ft of high-quality warehouse space across six units, ranging between 25,000 and 70,000 sq ft, constructed to an institutional standard and ready for occupation in autumn 2023.
Jim Dyson, director at Caddick Developments, said: “This is a Grade A location in a Grade A city. We are seeing exceptional demand for well-connected developments in this area and Leeds Valley Park ticks all of the boxes, being so close to major motorways linking the north, south, east and west. Having the backing of a major funder in the Greater Manchester Pension Fund, has allowed us to bring the true potential of this site forward, which will help to contribute to the economic success of Leeds and the surrounding areas.”
Kevin Etchells, senior investment manager at GMPF, said: “We are delighted to be partnering with Caddick Developments to deliver such a prime urban logistics site. The investment will create much needed space and will provide a boost to the local economy, whilst also offering a strong risk adjusted return for the pension fund.”
The scheme is set to be delivered to BREAAM ‘very good’ status, with elements of work earmarked to enhance local biodiversity, and significant consideration being given to the overall sustainability features for the site. Caddick Construction is set to begin works immediately on site, with completion due in autumn 2023.
Interest has already been indicated by businesses in the distribution, retail, and light manufacturing sectors and the site is now actively being marketed by Avison Young and Carter Towler.
The scheme was designed by KPP Architects and BWB Engineers. Quod acted as planning consultants for the project, whilst Pinsent Masons acted for Caddick on the transaction. Addleshaw Goddard acted for GMPF. JLL provided funding advice to Caddick and Avison Young, as retained advisor to the Greater Manchester Pension Fund, advised them on the purchase.
