Construction has begun on two logistic units at Logic Leeds, Muse Developments’ flagship industrial and distribution hub by Junction 45 of the M1
Phoenix Investment Management has purchased a 25,000 sq ft unit, as part of its growing investment portfolio, while the wholesale supplier of hospitality textiles, Pegasus World, has taken an adjacent unit of 31,000 sq ft. Both units were purchased for undisclosed sums.
The latest deals follow closely in the footsteps of the completion of Premier Farnell’s 362,000 sq ft unit, along with a second 361,000 sq ft unit, which has been pre-let to a high-profile global occupier and has just been completed.
Both units have been forward funded by Aberdeen Standard Investments in deals worth in excess of £100m. Both buildings will be ready for immediate occupation in late summer.
Logic Leeds is one of the Leeds City Region Enterprise Zones which is supported by the LEP, the Combined Authority, Leeds City Council, the Ministry of Housing, Communities and Local Government and Muse Developments.
Benefit the whole of Leeds
James Scott, development director at Muse, said: “We’re delighted that work has now started on these two quality units, adding a further chapter to the success story of Logic Leeds.
“We’re proud to be delivering quality buildings for both Phoenix and Pegasus at Logic. These new buildings represent our shared vision with Leeds City Region Enterprise Partnership to deliver a first-class destination for industrial and logistics organisations that benefits the whole city region. They are a further endorsement of the success of Logic Leeds.
Ivan Zhou, owner of Pegasus World, commented: “Pegasus is excited to be part of Logic Leeds. We’re creating a state-of-the-art warehouse to be the super-hub of our fast-growing business, supplying high-quality textile products to hotels, restaurants and caterers across the UK.”
Matt Brown, director at Phoenix Investment Management, said: “We are delighted to have added a unit at Logic Leeds to our expanding investment portfolio.
“We’ve watched the development progress from afar and have been very impressed by the quality of the buildings delivered and the standard of the tenants that have chosen Logic to call home. It is for that reason that we have decided to fund the speculative development of a 25,000 sq ft unit on the estate.”
Two plots remain at Logic Leeds, totalling 100,000 sq ft. The Leeds offices of Carter Towler and Knight Frank are the joint agents for the scheme.