| the yorkshire region
£100M DISTRIBUTION SCHEME TAKES SHAPE
Maxx, providing more than 1.37m sq.ft. of
accommodation. The building is scheduled to complete in January 2017 and, once
operational, will provide up to 1,800 local jobs. The site can accommodate a further 535,000 sq.ft. of
addick Construction has started the installation of roof sheeting at the prime distribution/logistics scheme Crosspoint33, located immediately off Junction 33 of the M62 near Wakefield. The highly anticipated, £100m scheme comprises two phases. Phase one of the development will be home to the new UK processing and distribution centre for TK
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development on Phase two on a build to suit basis.
Andrew Murray, Managing Director at Caddick Construction, said: “We’re progressing rapidly onsite as the new aerial shots show, commuters on the A1, M62 and A162 will be seeing daily changes at this stage. The laying of roof sheeting is progressing well, allowing us to prepare for the next major stage of build – applying the
UK VOTE TO LEAVE THE EU - WHAT WILL THIS MEAN FOR REAL ESTATE
Comment from Rob Thompson, Head of Real Estate London at Irwin Mitchell
ritain’s decision to leave the EU is monumental. However, property law is not heavily influenced by EU legislation and, therefore, Brexit will be a market issue, rather than a strictly legal one. In recent months, the press has been awash with competing predictions about the impact of Brexit but the almost universal consensus of economists and property professionals is that leaving Europe will have an effect on transactional activity levels in the UK property market, at least in the short term. We are now entering an extended period of uncertainty whilst the government spends time negotiating its exit from Europe. The hope is that the UK can somehow negotiate the continued benefit of free trade whilst reducing its EU budgetary commitment and avoiding EU regulation and the requirements of the free movement of people. In short, the UK will be seeking a better deal than either the European Economic Area (as per Norway) or the European Free Trade Association (as per Switzerland) can offer. We have already seen a period of outflow from commercial property funds (February reportedly saw the largest monthly sell- off since 2008) and European banks, which hold a large volume of securitised debt, may start to divest themselves of some of this debt in response to Brexit. Overseas investor and developer confidence in the residential sector will also be affected and Brexit is likely to slow, if not stall, investment in new housing development and will probably disrupt the inflow of labour and materials to the UK. There are also broader economic questions around the effect of Brexit on currency markets and interest rates. These, too, will impact on the property market as much as any other. Many though are more optimistic and predict that, after a short term dip, the UK property market will thrive.
B 82 M
internal floor slabs. Crosspoint33 is a major project for Caddick Construction which will provide a huge investment boost and many new much needed jobs to the local area.” The project is being delivered by Caddick Developments Ltd, with sister company Caddick Construction undertaking all building works. The TK MAXX building has been forward sold to specialist logistics investor Tritax.
Caddick Developments acquires land and buildings with potential for development across commercial and residential property markets. Its wide spectrum of developments ranges from major mixed-use urban regeneration projects, large-scale industrial and office developments through to city-centre retail schemes.
Caddick Construction and Caddick Civil Engineering are the operational arms of Caddick Group PLC.
LANDWOOD APPOINTS NEW HEAD
ichael Booth, specialist Machinery and Business Assets (MBA) chartered surveyor, has been appointed as the head
of the Leeds office of the Landwood Group, the leading northern chartered surveyors, asset managers and auctioneers. Michael will lead the Group's activity in
Michael Booth
Yorkshire and the North East, working closely with the property team to deliver a one-stop service to corporate recovery and asset-based lending (ABL) clients. A RICS Registered Valuer and long-standing member of the senior team at Landwood, Michael will continue to operate on national basis from his Leeds base in Queen Street,
working with the national MBA team of Ben Lynch, Richard Parkin, Brian Parkinson FRICS and Rick Wadsworth.
THORP ARCH, LEEDS
Trust (“Hanover” or the “Fund”), that 12,216 sq ft of a new 37,276 sq ft speculative light industrial shed development at Thorp Arch Estate has been pre-let on a 15 year lease to
BeerHawk.co.uk, the online beer retailer.
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This is the second successful pre-let that has been secured for these units, following the 12,800 sq ft agreement with Avacta Group Plc on a 10 year lease, which was signed in November 2015. Following the letting to Beerhawk, the development is 66% occupied ahead of completion next month.
BeerHawk.co.uk will occupy Unit 16, which is undergoing a bespoke reconfiguration to include a beer tasting bar.
Established 48 years ago, Hanover is an actively managed, open- ended, UK-focused real estate fund.
COMMERCIAL PROPERTY MONTHLY 2016
ockspring Property Investment Managers LLP (“Rockspring”) announces, on behalf of Rockspring Hanover Property Unit
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