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24 Jan 2023

PLP leases giant 460,000 sq ft speculative warehouse to TK Maxx on practical completion

PLP has kicked off 2023 with the leasing of 460,000 sq ft Crewe warehouse to TK Maxx upon practical completion.

One of the biggest lettings in the region in recent times and the latest in a series of big lettings for PLP, including 2 units totalling 3 million sq ft to Amazon in the latter half of 2022, this transaction demonstrates the continuing strength of occupier demand in the North West for high spec, big box logistics warehouses.

Following on from Phase 1 of PLP Crewe, comprising two speculative units totalling 135,000 sq ft and leased on practical completion to Likewize, this letting to TK Maxx means that PLP Crewe is now a fully developed and leased prime employment park of almost 600,000 sq ft across three units. The site provides an attractive, modern business park environment with excellent links to Junction 16 of the M6 and the wider motorway network. It is also located adjacent to the West Coast mainline and close to the proposed new HS2 hub.

PLP Crewe 460 is a ‘best-in-class’ logistics warehouse with a 15m clear height warehouse, three-storey external offices of over 30,000 sq ft, separately accessed car park with 442 spaces and a secure, access-controlled 72-metre-deep service yard.

As with all PLP speculatively developed units, PLP Crewe 460 has been constructed in accordance with the UK Green Building Council (UKGBC) Carbon Net Zero standard. The building includes numerous measures to facilitate carbon net zero operation including 970 m2 of roof-mounted solar photovoltaics, air source heating and cooling in the office areas, LED lighting and 24 electric car charging points. It has also been designed for future flexibility with a strengthened roof to enable full coverage of solar photovoltaics and underground infrastructure to allow 100% of all car and HGV parking spaces to have electric charging points when required.

Keith Wilson, Development Director at PLP commented: “Developing such a fantastic building in such a prime and established location, we were always confident in securing an occupier quickly. Even then, we were surprised by the sheer number of occupiers who expressed interest in the building during construction. However, TK Maxx stood out from the crowd, and we are delighted to welcome them to PLP Crewe.”

Richard Saul, Head of Asset Management UK at Ivanhoé Cambridge, said: “Our conviction in the UK logistics leasing market continues to be underpinned by this fantastic letting at practical completion to TK Maxx. Not only does it underwrite our continued investment in this sector but also demonstrates how best in class developments with exemplary ESG credentials will attract the highest quality clients.”

Knight Frank and Cushman & Wakefield represented PLP on the transaction. TK Maxx were represented by ACRE Capital Real Estate.

More information

Established in 2015, PLP is a specialist UK logistics and industrial property business. The full service platform develops, manages and owns prime-grade UK logistics real estate with in-house management expertise across all key capabilities including acquisitions and sourcing, development, leasing and asset management.
The PLP platform is owned by Ivanhoé Cambridge, Macquarie Asset Management, Peel L&P and its senior management team.

Find out more www.plproperty.com