Work completes on Amazon logistics hubs totalling three million sq ft
Specialist UK logistics developer and investment manager, PLP, has developed two fulfilment centres totalling nearly three million sq ft which have been pre-let to e-commerce giant Amazon.
The schemes include a multi-level building totalling two million sq ft at PLP Gateway 45 in Leeds, next to Junction 45 of the M1.
The 43-acre site, acquired in 2019, has regenerated a former wastewater treatment works into a key logistics and employment hub.
PLP has also finished work on an 850,000 sq ft distribution warehouse at a 37-acre site in Knowsley Business Park, in the Liverpool City Region.
PLP acquired the site in 2018 and the completion and leasing of the development to Amazon is the successful culmination of a four-year project.
Both warehouses are owned by PLP’s first in a series of develop-to-hold logistics funds, UKLV1, whose majority investor is Ivanhoé Cambridge alongside Peel L&P, Macquarie Asset Management and PLP senior management.
UKLV1 is fully allocated with 8,757,806 sq ft of completed and under development prime logistics assets.
Earlier this year, PLP unveiled the formation of its second UK develop-to-hold logistics venture (“UKLV2”), which has over £750m of investment capacity, in which Ivanhoé Cambridge is the majority investor.
When fully deployed, the two ventures will result in PLP having over £2.5bn of assets under management.
Hugh Chesterton, development director at PLP, said: “We are extremely pleased to have concluded the development and regeneration of these two landmark employment-generating projects.
“Both pre-let developments support PLP’s conviction that well located, urban sites are where modern logistics operations need to be.”
Neil Dickinson, chief investment officer at the business, said: “These two fantastic developments represent several years of hard work bringing them to completion.
“We are proud to have these two fantastic Amazon fulfilment centres let on long-term institutional leases in our portfolio, underpinning the hugely successful deployment of capital in our UKLV1 fund.”
Richard Saul, head of asset management, UK at Ivanhoé Cambridge, added: “Alongside the success of delivering both of these exemplar developments we are happy that such large developments will bring tangible benefit to the communities in which they are situated.
“We are also pleased to have worked with PLP to provide our partner, Amazon, the facilities in the UK which will set new standards in terms of ESG with initiatives such as 100% photovoltaic roof cover at PLP Gateway 45.”
Winvic Construction Limited was the main building contractor on both schemes. CBRE and GV&Co were leasing agents at PLP Gateway 45. JLL and B8RE were leasing agents for PLP Knowsley.
