Panattoni is bringing forward the development of a logistics hub in Crewe with Warehouse REIT.
The first phase of the two million square foot project will start on site in Q4 2022, with the first units available for occupation in Q4 2023.
Under the terms of an agreement, Warehouse REIT will fund and retain the completed project, while Panattoni will be responsible for implementing the scheme.
Warehouse REIT has been assembling the 102-acre site since 2017, which is located at Radway Green near Crewe, less than 1.5 miles from J16 of the M6 motorway.
Last year the company announced that it had secured planning consent, submitted in collaboration with the adjoining landowner, for a combined 803,000sq ft of modern warehouse space across six new high-bay units, ranging from 22,000sq ft to 340,000sq ft.
A live planning application is running for a further 1,020,000sq ft of warehousing.
The new units will benefit from a minimum rating of EPC A and be BREEAM ‘Very Good’.
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Other features include ponds, to enhance biodiversity and sustainable drainage, and more than one kilometre of new tree planting around the perimeter.
The first phase of the scheme has the potential to create up to 1,000 local jobs.
Andrew Bird, chief executive of Warehouse REIT owner Tilstone Partners, said its agreement with Panattoni was a “significant milestone” for Warehouse REIT and marks an acceleration of the company’s strategy to develop the site.
He added: “Working alongside a like-minded and globally renowned partner in Panattoni significantly de-risks the scheme and allows us to leverage its global logistics development expertise, enabling Warehouse REIT to benefit from Panattoni’s strong occupier and contractor relationships.
"The logistics market dynamics in the North West remain highly compelling: supply has fallen by 37% in the past 12 months, underpinning strong rental growth forecasts."
Dan Burn, development director for the North West and Yorkshire at Panattoni, added: "We are delighted to be bringing forward this strategic and important logistics site alongside Warehouse REIT to help meet the demand in the market.
“We look forward to delivering the first phase of units creating new opportunities in the market for our global clients."