Two of the most active commercial property companies in the north of England, Sterling Capitol and PLP, have entered into an agreement to deliver a 100-acre development in south Leeds.
The development, which will be an extension of Sterling Capitol’s Capitol Park Leeds, by Junction 28 of the M62, has the capacity to create 2,000 new and sustainable jobs.
An outline planning application for the site is scheduled to be submitted to Leeds City Council next month.
Mike Heydecke, director of Leeds-based Sterling Capitol, commented: “We are absolutely delighted to be working with such an accomplished company as PLP. Their reputation for delivering high-quality and award-winning logistics developments is fully deserved and they are the ideal partner for high-profile projects.
“Our joint skills as developers complement each other perfectly. We have worked hard to prepare the Leeds site for planning and PLP will drive the development forward, building high-spec industrial and logistics units which will attract quality occupiers. We are also looking forward to working with PLP on future projects across the north.
“The Capitol Park site is a crucially important development for south Leeds, creating much-needed jobs and providing a timely boost to the area’s economy. The success of Capitol Park Leeds, adjacent to this new site, has proved that the location, just by the M62 and close to Yorkshire’s excellent motorway network, is a winner.”
Keith Wilson, Development Director of PLP commented “We are delighted to have entered into an agreement with Sterling Capitol. They have a fantastic reputation for delivering large-scale developments and this partnership approach will give us the opportunity to help bring forward some of the best sites in the region.
“We now look forward to developing out new prime industrial and logistics facilities at Capitol Park Leeds and in keeping with PLP’s sustainability commitment, all new speculative buildings here will be delivered to Carbon Net Zero standard which is already proving a key attraction for occupiers,” he added.
Capitol Park Leeds is arguably the leading out-of-town business park in Leeds with premium occupiers including Barratt Homes, Hermes and NHS Shared Business Services.
Sterling Capitol have also developed Capitol Park Barnsley and Capitol Park Goole, creating over 3,500 jobs. The company is also working with Strata Homes on the Barnsley West residential and commercial development by Junction 37 of the M1, which will create another 3,000 jobs.
Meanwhile PLP, which was established in 2015, is a specialist UK logistics and industrial property business. The company acquires land and builds out prime industrial and logistics facilities, either speculatively or pre-let to blue-chip occupiers.
It is extremely well-funded with a national remit and has recently made significant investments in the Yorkshire region where it is already developing and investing in four locations, either constructing or having completed six units in the last 12 months, ranging in sizes from 45,000 sq ft to over 500,000 sq ft, including the award-winning Bessemer Park development in Sheffield.
DWF and Pinsent Masons acted for Sterling Capitol and Shoosmiths acted for PLP in this transaction.