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Caddick Group completes funding deal for North West employment hub

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A funding deal has completed between Caddick Group, Goldman Sachs Asset Management and Canmoor, which will see work commence on a new employment hub in Leyland, Preston. Following planning approval earlier in the year, construction is underway targeting delivery of the 544,000 sq. ft. warehouse in July 2023.

The scheme represents a considerable investment in the region and will be the biggest speculative development of its type in the North West this year, addressing the acute demand for quality logistics and warehousing space. Situated with direct links to M6, M65 and M61 motorway networks the development offers excellent connectivity to the whole of the North West region.

The Connect 6, Preston is expected to bring over 1,000 jobs to the area once complete, and around 600 jobs during construction, which will be carried out by Caddick Group business, Caddick Construction North West. The building will reach practical completion in July 2023.

Steve Widdowson, Head of Caddick Developments in the North West, said:

“Connect 6, Preston is an incredibly exciting scheme and we’re delighted to have investors of the calibre of Goldman Sachs and Canmoor coming on board to take this development forward. The deal means we can push ahead with developing out the site and help introduce much-needed capacity into the Industrial and Logistics market in the North West. Caddick’s vertically integrated offer has once again demonstrated the value of being able to act fast in addressing supply-shortages in quality locations.”

Farbod Nia, Managing Director at Goldman Sachs Asset Management, said:

“This investment aligns with our wider strategy to deliver best in class logistics space in well-connected, high-quality locations, specified to meet the requirements of modern occupiers and the highest sustainability standards. The building will help address the supply and demand imbalance in the North West market by providing occupiers with greatly needed space. We look forward to working with our partners Canmoor and Caddick Group on this exciting development”

Tom White, Director at Canmoor, said:

“This development addresses an acute need for this type of development in the North West of England. Moreover, the scheme is set to lead the way from an environmental point of view, being BREEAM Excellent rated, whilst enjoying unparalleled links to local infrastructure.”

For more information on Connect 6, Preston visit www.canmoor-connect6.com

Caddick Group is a vertically integrated business which sources land, designs and funds projects, as well as having the ability to build using its own contracting arm, Caddick Construction. The Group has a pipeline of 16+ million sq ft of industrial & logistics space.

Caddick Group were represented by JLL on this scheme.

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BDC 299 December 2022