Deal completed for new 361,000 sq ft distribution facility
Contracts have been exchanged for the the forward-funded development of a 361,000 sq ft distribution unit at the Logic Leeds development, with a pre-let agreed with a global occupier.
Aberdeen Standard Investments (ASI) will forward fund the 361,000 sq ft logistics/distribution centre in Leeds for an undisclosed sum.
The development, by Junction 45 of the M1, is being undertaken by mixed-use and urban regeneration firm, Muse Developments.
James Scott, development director at Muse Developments, said: “This forward-funding deal and letting is a resounding endorsement of our Logic Leeds development and confirms the demand in the Leeds region for top-quality industrial space.
“Logic Leeds is superbly located next to the new East Leeds Link Road, just half a mile from Junction 45 of the M1 and minutes from Leeds city centre, and it offers a huge opportunity for the Leeds and wider Yorkshire industrial and distribution market.
Scott added: “We have worked very closely with the tenant and ASI to deliver this pre-let development. Once operational, the building will represent one of the most advanced logistics buildings in the UK.”
Construction of the new 361,000 sq ft building will begin in February, with an anticipated build period of approximately 12 months.
Graham Foxton, investment partner with global property consultancy Knight Frank in Leeds, who represented Muse, added: “This is one of the most significant industrial property deals in Yorkshire during the past 12 months and a tribute to Logic Leeds. It is superb news for the region that such a high-profile global occupier has chosen Logic Leeds as a base and that a forward-funding deal is already in place.
“Logic Leeds is a huge success story. The high-quality of its buildings, its superb location at the hub of Yorkshire’s excellent motorway network and the incentives offered by enterprise zone status are a winning combination.”
Tim Cameron Jones, investment partner and head of Cushman and Wakefield North, represented ASI.
