The M6 Logistics Market Has Absolutely Not Peaked
DB Symmetry and joint venture partner Pochin have added another 69 acres to their 1.7M SF M6 logistics scheme at Middlewich, Cheshire.
The joint venture has acquired the land adjacent to its MA6NITUDE site. A planning application is likely in the second half of this year.
The move comes as BNP Paribas Real Estate published convincing proof that the logistics market is not coming off the peak, as some have warned. Their data shows take-up of units over 100K SF reaching 9.8M SF in the first quarter, the highest ever recorded, as a result of an "unprecendented uptick" in demand for new-build Grade A floorspace. No less than 75% of the quarter's take-up was in this category.
“With a shortage of large stock and land supply in the Cheshire region, we find ourselves in a strong position to bring forward quality employment land which can contribute significantly to the local economy," said DBS Pochin Director Daniel Burn.
In February, DBS Pochin received planning approval to build 190K SF of industrial and distribution accommodation which it is proposing to develop on a speculative basis.
The site is within 2 miles of Junction 18 of the M6 motorway, and is considered a principal manufacturing and distribution location for the North and Midlands.
However, in a modest blow to North West hopes, Burnley-based online retailer Boohoo's PrettyLittleThing brand has opted for floorspace in Yorkshire. Clipper has announced it is taking 615K at Logicor's Sheffield unit to service the contract, making it the U.K.'s largest warehouse letting so far in 2018.