Crossbay, the urban logistics arm of pan-European investment manager MARK Capital Management, has completed one of West Yorkshire’s largest logistics leasing transactions of the year, letting a 10,700 sqm warehouse to NG Bailey.
The facility — Shawcross 115 at Shawcross Business Park, near Junction 40 of the M1 — has been fully refurbished as part of Crossbay’s sustainability-focused asset management programme. The building, which achieved an EPC A rating, incorporates advanced energy-efficient systems and has been divided into two high-specification last-mile units. The second, Shawcross 55, remains available to let.
NG Bailey, one of the UK’s largest independent engineering and services businesses, will use the site to support its manufacturing and production capacity for Tata Group’s £4 billion Gigafactory development. The Somerset facility, currently the UK’s largest battery manufacturing project, will rely on NG Bailey for engineering and production services across multiple construction and fit-out phases.
Crossbay acquired the Shawcross site while vacant, completing the refurbishment in line with its value-add strategy to reposition older assets for modern occupier requirements. The business park’s location — within nine miles of Leeds city centre and under three miles from both the M62 (J28) and M1 (J40) — provides access to a labour pool of over two million people within 30 minutes’ drive.
Devan du Plooy, Head of UK at Crossbay, said: “This agreement represents the strength of demand for high-quality last-mile assets that are strategically located, sustainable, and designed to meet the requirements of a very wide range of occupiers. Furthermore, it demonstrates the Crossbay team’s market-leading ability to source off-market opportunities and undertake significant asset repositioning, in order to maximise value for our investors.”
The UK remains a key focus for Crossbay’s second fund, Crossbay II, which has now acquired more than 100,000 sqm of logistics space nationwide. The fund forms part of Crossbay’s wider 850,000 sqm pan-European portfolio, encompassing assets across France, Spain, Germany, Italy, and the Netherlands.
Crossbay was advised on the deal by Knight Frank and Carter Towler.
