Final two units sold at £150m logistics hub

Muse Developments’ 15-year regeneration of its Logic Leeds logistics hub is nearing completion, following the sale of the final two units for undisclosed sums.

Work has now started to build these units, totalling just over 100,000 sq ft at the flagship £150m scheme.

Logic Leeds, located by Junction 45 of the M1, has delivered more than 1.2m sq ft of prime employment space in the last seven years.

Pegasus World Holding Group, which already owns a 31,500 sq ft building at Logic Leeds, has agreed the forward purchase of a 61,500 sq ft unit to increase its investment portfolio in the region.

The company supplies and distributes textiles for the hospitality and health care sectors as well as supplying vital PPE products nationwide in the fight against the pandemic.

The other unit has been sold to Samuel Grant Packaging, a neighbouring Yorkshire-based packaging company which has agreed to forward fund the construction of a 40,000 sq ft building which will be used for the storage and distribution of its products.

GMI Construction has been appointed as contractor to deliver the units which are due for completion towards the end of 2021.

Since the 110-acre Logic Leeds was first developed in 2016, thousands of jobs have been created there. High-profile occupiers include Amazon, John Lewis and Premier Farnell.

James Scott, development director of Muse Developments, said: “These two deals represent the final chapter of the Logic Leeds success story and the culmination of a hugely successful year for the scheme.

“We’re delighted to welcome Samuel Grant Packaging to Logic Leeds and are very proud that Pegasus has decided to purchase another building here.

“Logic has been at the forefront of commercial property development in the region over recent years and has been hugely successful, creating thousands of jobs, boosting the economy and attracting household names to south Leeds, the Aire Valley and the M62 corridor.”

CEO of Pegasus World Holding Group, Ivan Zhou, added: “The pandemic and broader geo-political events presented unprecedented challenges in 2020.

“Despite this environment, Pegasus has delivered for its customers and provided a strong financial performance, demonstrating strong operational resilience.

“We continue to innovate and work in partnership with our customers to develop our services and products.”

Andrew Grant, joint managing director at Samuel Grant Packaging, said: “Packaging stockholding and distribution is now more valuable than ever in the supply chain, with many packaging materials having experienced shortages over the last year.

“As the North’s biggest distributor, it’s important we have enough space to continue to grow, and we have every confidence demand for our services will see us fill the new warehouse very quickly.”

Iain McPhail, partner with the Leeds office of global property consultancy Knight Frank, who are joint marketing agents for Logic Leeds, said: “Attracting high-profile companies including Amazon, John Lewis and Premier Farnell has helped to create thousands of sustainable jobs, providing a crucial boost to the region’s economy.

“Future generations will look back at the 1.2m sq ft Logic Leeds, almost fully sold in just seven years, as one of the most successful industrial developments in the UK.”

The joint marketing agents for Logic Leeds, alongside Knight Frank, are the Leeds office of Carter Towler.