Logistics investor PLP has big plans for Astley Business Park
Property giant Peel has shifted its investment in Astley Business Park in Wigan to PLP, a specialist logistics developer and investment manager in which it owns a stake.
PLP has secured planning consent at the 19 acre site site for a 4-unit 360,000 sq ft logistics park, which will be named PLP Astley.
The site has been acquired from Peel Waters, part of The Peel Group.
PLP, formed in 2015, will be speculatively developing the scheme on behalf of its second flagship UK logistics investment vehicle (UKLV2) which is capitalised by its institutional capital partners including Ivanhoé Cambridge, The Peel Group, and Greater Manchester Pension Fund.
Construction is expected to commence immediately with completion targeted for March 2026.
Matthew Fitton, Development Director at PLP, commented: “The scheme will comprise 4 units of best-in-class urban logistics accommodation, ranging in size from 35,000 sq ft to 145,000 sq ft.
The site benefits from excellent transport connectivity with direct access onto the A580 East Lancs, providing access to the M60 Manchester Orbital just 3 miles to the East and Junction 23 of the M6 to the West, providing occupiers with the opportunity to serve all major conurbations of the North West.
“We believe the scheme will be highly attractive to a range of occupational tenants given its proximity to central Manchester. The scheme is also expected to create a significant number of jobs when the units are occupied and fully operational, representing a substantial investment into the local community.
“In line with PLP’s long term sustainability policies, PLP are installing roof mounted solar panels, multiple electric charging points for vehicles and the infrastructure to augment this post- construction. We are also making a significant investment into both the ecology of the site and into offsite works through Biodiversity Net Gain, contributing to improving the biodiversity of the local area.”
The PLP platform is owned by Ivanhoé Cambridge, Peel L&P, Macquarie Asset Management and its senior management team.
PLP currently manages two develop to core ventures: UK Logistics Venture (UKLV) 1 & 2. UKLV1’s £500m of equity is fully committed, with 10m sq ft of prime logistics space either completed or under development, while UKLV2’s £750 million of allocated capital is currently being deployed.
Assets under management from these ventures is close to £2.5 billion.
James Whittaker, Managing Director of Peel Waters said: “After over 20 years of working on this site to bring forward investment and jobs we’re really pleased to have completed the land sale to PLP, to deliver 360,000. sq ft of high-quality employment space in Wigan and we’re looking forward to seeing it built out and let over the next few years.”
“This acquisition confirms our commitment to European logistics, a major focus of our strategic plan.”, said Ajay Phull, Managing Director, Real Estate, at Ivanhoé Cambridge. “We are developing cutting-edge logistics facilities near major urban centres and forging strategic partnerships to meet the rising demand for efficient delivery solutions. This investment aligns with our ESG goals, ensuring long-term resilience and value in our portfolio”.
Gerald Eve and B8 Real Estate have been appointed as the leasing agents for the scheme.
