Plans for major £150m logistics space submitted

Gateway 45

A planning application has been submitted for 900,000 sq ft of logistics space valued at more than £150m.

Developer Peel Logistic Property (PLP), which bought a 43-acre site at Gateway 45 in Leeds in April in one of the biggest commercial transactions of 2019, has now submitted a reserved matters planning application for 900,000 sq ft of prime urban logistics space. It would have a completed project value in excess of £150m.

Subject to planning approval, PLP intends to deliver four distribution units on the 43-acre site with sizes ranging from 60,000 sq ft to 400,000 sq ft on a speculative and pre-let basis. Speculative construction is expected to begin in the first quarter of 2020.

Hugh Chesterton, development director at PLP, said: “PLP Gateway 45 is a prime example of the company’s ambitions to create nationally significant ‘edge of conurbation’ logistics parks with immediate access to improving infrastructure. PLP looks forward to working with the Leeds planning department to deliver the last stage in a significant civic and urban effort to enhance and improve the urban economic fabric of one of the UK’s most vibrant local economies.”

PL said that its PLP Gateway 45 was a key strategic site which will be the only consented urban logistics development able to satisfy large scale occupiers of more than 300,000 sq ft within the Leeds City Region.

It said the location allowed access to a strong labour pool with 2.5 million people living within the West Yorkshire area and that there is”rapidly improving local infrastructure, housing supply and occupier amenity” nearby.

Established in 2015, PLP is a specialist UK logistics and industrial property business. The firm develops, manages and owns prime-grade UK logistics real estate with in-house management expertise across all key capabilities including acquisitions and sourcing, development, leasing and asset management.

The PLP platform is owned by MIRA Real Estate, Peel Group, Ivanhoé Cambridge and its senior management team.

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