LondonMetric Property has exchanged conditional contracts with CDP Ltd, the development arm of the Marshall Construction Group, to purchase and forward fund the development of a retail distribution centre in Wakefield for £39.4m.
The warehouse has been pre-let to Poundworld Retail on a 15 year lease.
Construction will start later this summer with practical completion targeted for autumn 2016.
The 30-acre site is located near junction 31 of the M62 in a logistics hub that already includes Asda, DHL, HSBC, Royal Mail and TK Maxx.
Mark Ward, property director at Poundworld Retail, said: "We have a rapid store expansion programme over the next three years and the new distribution centre will aid our expansion plans, improve efficiency and allow for a broadening of our product range in our single and multi-price format stores."
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