Muse pre-lets Leeds’ largest warehouse development

Muse pre-lets Leeds’ largest warehouse development

Muse Developments has pre-let the 361,000 sq ft industrial/distribution unit at its flagship Logic Leeds sire to electronics giant Premier Farnell.

Construction of the distribution warehouse will begin this month and is scheduled to complete by the end of the year.

Premier Farnell, who is relocating from a distribution unit at Armley in Leeds, is taking a 20-year lease on the building.

The main contractor is Sheffield-based Bowmer and Kirkland.

James Scott, development director with national developer and regeneration specialist Muse, commented: “This is fantastic news and another significant milestone in the Logic Leeds story.

“The decision by Premier Farnell, a worldwide player in the electronics distribution industry, to come to Logic Leeds is a testament to the qualities of our development.

“Our pioneering manufacturing and distribution development benefits from a number of incentives for occupiers because it is part of Leeds City Region Enterprise Zone.

“These incentives, plus Logic Leeds’s unrivalled location just half-a-mile from Junction 45 of the M1 and within one mile of Leeds City Centre, makes this development a very attractive proposition for occupiers,” said Mr Scott.

The letting to Premier Farnell shortly follows the sale of three units, comprising 100,000 sq ft, by Muse to Leeds City Council for an undisclosed sum.

The units are currently under construction and will be ready for occupation in late spring this year.

Nick Wilkins, chief global supply chain officer, Premier Farnell said: “We are delighted to be retaining our presence in Leeds, alongside retail giants such as Amazon and John Lewis. 

“The Logic Leeds development provides significant opportunities for Premier Farnell in terms of location and green credentials, whilst allowing us to maintain our long relationship with the Yorkshire region.”

Logic Leeds, which also houses both an Amazon and John Lewis distribution hub, benefits from enterprise incentives including simplified local authority planning, government support for superfast broadband and significant tax relief on Enhanced Capital Allowances.

James Scott explained: “With occupiers like Amazon and John Lewis, and now Premier Farnell, Logic Leeds’s reputation as a first-class destination for logistics and industrial property is well and truly established.

“There is strong interest in the remainder of the site, which is helping us to achieve our aim of delivering more quality industrial and distribution space in the region.

“This interest also shows that the Yorkshire industrial property market remains buoyant.”

Cllr Richard Lewis, Leeds City Council Executive Member for Regeneration, Transport and Planning, said: “It is great news that Premier Farnell is remaining in Leeds, protecting hundreds of jobs that could otherwise have been lost from the city. 

“The Council has worked hard with the West Yorkshire Combined Authority to retain the company in the city and are pleased that they have decided to make such a substantial investment giving a strong platform from which to grow their business moving forward.”

Roger Marsh OBE, chair of the Leeds City Region Local Enterprise Partnership, added: “We are delighted that Premier Farnell will enhance their high service distribution of technology products and solutions from what will be the largest ever warehouse development in Leeds.

“Our key industrial sectors are changing rapidly and the ability to embrace and adopt fast-emerging digital technology and the Internet of Things, whereby computing devices are embedded in everyday objects to send and receive data, will improve our productivity and define our future economic identity.

“This decision means Premier Farnell – a global tech leader - can sit at the heart of this opportunity and pioneer this strategy from Leeds City Region Enterprise Zone.”

Cushman & Wakefield advised Premier Farnell on the deal. Scott Morrison, associate in Cushman & Wakefield’s logistics & industrial agency team, said: “We are delighted to have advised Premier Farnell on the acquisition of its new European distribution centre which is also great news for the wider region.

"The new facility has the space and specification to meet modern distribution requirements and ‘future-proofs’ Premier Farnell’s operations in Leeds.

"We’d like to thank Premier Farnell for the opportunity to assist them, Leeds City Council for its support in agreeing the deal, as well as Muse Developments, the landlord at Logic Leeds.”