Melburg Capital has pre-let the 210,000 sq ft Voltaic logistics facility at Wakefield 41 to XPO Logistics. XPO has signed a 10-year lease with a break in year five.
Melburg acquired the property in an off-market deal in Q1 2022 and since securing the necessary planning consents it has undertaken a wholesale repositioning of the facility, which is due to complete in August.
Andrew Burns, Melburg’s head of asset and development management said: “The quality of our refurbishment is reflected by the quality of occupier in XPO Logistics. The industrial sector is not immune to wider fiscal turbulence and it is therefore imperative to understand the operational and sustainability requirements of an increasingly discerning occupier base.
“This understanding has enabled us to deliver an optimal product at a competitive rental level. We are continuing to organically grow our logistics platform and will soon be making an announcement around a broadening of management services”
Jack Burgess, chief executive of Melburg, added: “We welcome XPO Logistics and its client Saint-Gobain as partners. The letting validates our data-driven approach to investing – highlighting our ability to identify off-market opportunities within geographies and sectors with an acute supply demand imbalance, and execute quickly when capitalising on pricing dislocations”
Dave Robinson, partner at Cushman & Wakefield, who advised Melburg on the deal, said: “Melburg’s foresight to identify this off-market opportunity and implement a quality refurbishment of an existing unit on Wakefield 41 Industrial Estate, one of Yorkshire’s prime locations, was key in securing this deal. Furthermore, the significant number of parties and competitive process demonstrates the continued resilience of the occupier market particularly for key product in top tier locations.”
Melburg was advised by Cushman & Wakefield, Avison Young and Burgess Okoh Saunders LLP. XPO was advised by Louch Shacklock and Partners.
