Lettings deal brokered for brand new property at business park

A new 25,000 sq ft warehouse has been let to a listed company’s telecoms and digital infrastructure business.

The Leeds office of property consultancy Knight Frank has completed the 10-year lease of the property to Svella Plc at Logic Leeds business park.

Svella Plc will use the warehouse, called Orion, as a base for its business Svella Connect.

Knight Frank acted on behalf of Leeds-based Phoenix Investment Management, which developed the detached warehouse speculatively. Svella was represented by Avison Young.

Tom Goode, associate with the industrial team of Knight Frank in Leeds, said: “The 100-acre Logic Leeds has already attracted high-quality and high-profile occupiers such as Amazon, John Lewis and Premier Farnell and this superb new building is a notable addition to the Logic Leeds success story.

“Orion has been built to a very high specification, with ample car parking, a large service yard, electric security gates and 1,000 sq ft of fully fitted office space.”

Matt Brown, director at Phoenix Investment Management, said: “The deal highlights the continued demand and strength in depth of the Leeds urban logistics market, underpinning the reasons we chose to invest in Logic Leeds.

“A special thanks to our agents at Knight Frank and Carter Towler for their guidance throughout.”

Gavin Davies, managing director of the Svella Connect business, said: “Our plan for strategic growth has driven the need for relocation to a larger premises with modern facilities, a vibrant working environment for our people and superior connectivity.

“Logic provides the platform we need to deliver on our growth ambitions and will help facilitate service excellence for our telecoms and digital infrastructure customers across Yorkshire.”

Rob Oliver, principal at Avison Young, added: “Commercial trends accelerated by the Covid pandemic have resulted in dramatic shrinkage of supply, and strong growth in values.

“It is great news for landlords and developers, but can be very challenging for occupiers and their agents wanting to consider a range of premises, and manage their property costs.

“We had a tight timeframe and considered various options before selecting Orion. The unit and yard size suited us well and the opportunity to acquire a new build with an up-to-date specification and clean and clear internal space ready for our fit-out, was attractive.”