Caddick Group has commenced building works at the prime distribution/logistics scheme Crosspoint33, located immediately off Junction 33 of the M62 near Wakefield.
Phase one of the £100m development will be home to the new UK processing and distribution centre for TK Maxx, providing more than 1.2m 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 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.
Myles Hartley, managing director at Caddick Developments, said: “We are delighted work has now started on site on this major new project which will provide a huge investment boost and many new much needed jobs to the local area. We are very grateful for the support of various partners, especially Wakefield Council who have helped bring this exciting scheme to fruition.”
The site can accommodate a further 535,000 sq.ft of development on Phase two on a build to suit basis.
Paul Hunter, group operations director, TJX Europe, said: “This is an exciting moment in the future growth of TJX Europe. We are delighted that we will continue to be part of this community, welcoming our existing associates to the new processing centre and creating many additional employment opportunities over the forthcoming years. We look forward to being open for business in 2017.”
Dove Haigh Philips acted for Caddick Developments in respect of the letting to TK MAXX and the project funding. The tenant was represented by SBH and Wimbush Real Estate acted for Tritax.
Mike Dove, partner at Dove Haigh Phillips, said: “Crosspoint33 is ideally located for accessing local, regional and national transport routes, coupled with close proximity to the local workforce. This fast track delivery for a world class occupier is a step change transaction for the West Yorkshire industrial property market ‘’
The project is also being grant supported by the Leeds City Region Enterprise Partnership (LEP). Roger Marsh, Chair of the LEP, said: “This is an important investment to bring new jobs and economic opportunities into Wakefield and the surrounding areas.
“The LEP grant supports the high initial costs of providing roads and services on this strategic site, not just to support the retention of TK Maxx, but also to help the development and job creation for the second phase, opening up a wealth of further investment opportunities for the future.”
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. Offering more than 30 years’ experience across a range of market sectors including commercial, education, industrial, food & beverage, leisure, refurbishment, residential, care, retail, mixed use and fit out. The Group employs almost 500 people and its turnover is £90 million.