£50m shed project

Caddick Construction will start work on site in early 2020 on a £50m speculative big shed project near Wakefield.

Construction of the 512,000sq ft warehouse is being funded by AEW IK Investment Management, which has bought the site from Caddick Group.

Wakefield 515, which will be speculatively built, marks the second phase of Crosspoint 33, an emerging logistics hub by junction 33 of the M62.

Caddick also built the first phase – a £100m 1.2m sq ft distribution centre now occupied by TJX Europe, parent company of retail brands TK Maxx and HomeSense.

Myles Hartley, managing director at Caddic Developments, explained his company’s beds-and-sheds strategy. “As a group, our focus is on structurally-supported asset classes such as build-to-rent and industrial/logistics, where we see long-term growth potential”, he said.

Caddick’s build-to-rent housing brand, Moda Living, opened its first development, Angel Gardens in central Manchester, last month. It is also due to start on-site with the firsrt phase of its £300m SOYO neighbourhood in Leeds city centre, a 515-home BTR scheme that Caddick Construction will build for Moda Living.