AEW will buy the site from Caddick Group and fund the development for its recently launched €290m develop-to-core UK logistics venture with Allianz.

Caddick Construction will start the speculative 512,000 sq. ft. facility – now named Wakefield 515 – in the first quarter of 2020.

Wakefield 515, previously known as Crosspoint 33 phase two, will sit next to the already completed Cross Point 33 phase one, a £100m 1.2m sq. ft. distribution centre for TK Maxx.

Caddick Construction built Crosspoint 33 phase one and is currently working on a host of other industrial and logistics schemes, such as the £10.7m Novus Business Park in Knutsford, for Chancerygate.

Located at Junction 33 on the M62 motorway, work will start on Wakefield 515 early next year.

The building is due to be delivered by the last quarter of next year.