A project funded by AEW UK Investment Management, which has bought the site from Caddick Group in the stages to start construction.

Wakefield 515, which will be speculatively built, marks the second phase of Crosspoint 33, an emerging warehouse & logistics hub by junction 33 of the M62 motorway.

Caddick also built the first phase – a £100m 1.2m sq ft distribution centre now occupied by TJX Europe, parent company of retail brands TK Maxx and HomeSense.

Myles Hartley, managing director at Caddick Developments, detailed thoughts on his company’s beds-and-sheds strategy. “As a group, our focus is on structurally-supported asset classes such as build-to-rent and industrial/logistics, where we see long-term growth potential,” he said.

Caddick’s build-to-rent housing brand, Moda Living, opened its first development, Angel Gardens in central Manchester, last month. It is also due to start on-site with the first phase of its £300m SOYO neighbourhood in Leeds city centre, a 515-home BTR scheme that Caddick Construction will build for Moda Living.