The 80,840 sq ft industrial property with offices at Logic Leeds, by Junction 45 of the M1, is occupied by retail giant Amazon.
The state-of-the-art Unit 1 has been added to the city council’s investment portfolio and will produce new rental income. The council has taken a 250-year lease on the property.
This deal follows Muse Developments’ sale of the 50,500 sq ft Logic Leeds hub occupied by John Lewis to AXA's UK Long Lease Property Fund for £6.2m in September 2015.
David Wells, regional director for Muse in Leeds, said: “These two high-profile deals are a resounding endorsement of the qualities of our development at Logic Leeds. They will enable us to invest in the rest of Logic Leeds to create new jobs for the city and boost the regional economy. Logic Leeds is well and truly on the map.
“We are very proud to have two household names like Amazon and John Lewis at Logic Leeds, proving that West Yorkshire, with its excellent transport links and skilled workforce, is attractive to successful national retailers,” he said. “The enterprise zone incentives at Logic Leeds are also an integral part of its popularity.”
The Unit 1 building features 4,000 sq ft of offices and 100 car parking spaces and is the largest of its kind to be speculatively developed in Leeds since the recession.
It is an integral part of Logic Leeds, Muse Developments’ flagship 110-acre manufacturing and distribution development in the Leeds City Region Enterprise Zone.
David Wells said: “We knew that it was brave to build a 80,000 sq ft speculative building with the regional property market only just emerging from the deepest recession since the Second World War, but we had confidence in the quality of our building and in our Logic Leeds development as a whole.
“Logic Leeds is superbly located next to the new East Leeds Link Road, just half a mile from Junction 45 of the M1 and minutes from Leeds city centre, and it offers a huge opportunity for the Leeds and wider Yorkshire industrial and distribution market.”
Tom Lamb, industrial property specialist with property consultancy Knight Frank in Leeds, who is marketing Logic Leeds with Carter Towler, commented: “These are two of the most significant industrial property deals in Yorkshire during the past nine months. They underline the fact that momentum is returning to the West Yorkshire industrial property market.”
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