Record-breaking development completed on Enterprise Zone
Logic Leeds is excellently located on a Leeds City Region Enterprise Zone site next to the new East Leeds Link Road, just half a mile from Junction 45 of the M1 and minutes from Leeds city centre.
A record-breaking 361,000 sq ft distribution unit on a Leeds City Region Enterprise Zone site has been completed.
The unit, which was developed by urban regeneration pioneers Muse Developments at its award-winning Logic Leeds development in Leeds, was purchased last year by Aberdeen Standard Investments (ASI) in a multi-million pound deal and subsequently built by contractor, Bowmer and Kirkland.
This transaction represented the largest-ever industrial deal in Leeds in terms of value, with the deal following hot on the heels of ASI’s acquisition of the 362,000 sq ft Premier Farnell building at the scheme, meaning more than 720,000 sq ft of quality industrial space has been snapped up by ASI within a year for over £100m.
The logistics unit was pre-let to a high-profile global retailer, who will be moving in shortly, following lease completion
Occupiers at Logic Leeds already include household names such as John Lewis, Amazon and Premier Farnell.
James Scott, development director of Muse in Leeds, commented:
“It’s a fantastic achievement for everyone involved in the scheme, as we deliver this goliath logistics and distribution centre to our global occupier on budget and on time, which is now ready for the tenant to fit out and occupy.
“We’ve worked extremely closely with both the occupier and ASI to successfully deliver this pre-let development. Tribute must also be made to our partners at Leeds City Region Enterprise Partnership, who share our vision, goal and drive to deliver a first-class industrial development that benefits the whole city region.
Roger Marsh OBE DL, Chair of the Leeds City Region Enterprise Partnership (LEP) and NP11 said:
“It’s great to see the completion of a development of the size and significance of Logic Leeds.
“We are committed to investing in the infrastructure for economic growth and Leeds City Region Enterprise Zones are supporting job creation and business growth.”
Logic Leeds is excellently 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.
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.
Significant progress has been made on Enterprise Zone sites across the Leeds City Region, which will deliver over 1.5 million square feet of new commercial space in the form of 21 new business units. To date, eight new units, totalling 246,700 square feet, have been delivered, enabling new occupiers to create jobs for local residents.
Designated areas that provide tax breaks and government support, Enterprise Zones are aimed at both new and expanding firms. They are a driving force for the economy by unlocking key development sites, consolidating infrastructure, attracting business and creating jobs.
All business rates growth generated from this initiative are kept by the LEP and local authorities to reinvest in local economic growth. This reflects the Government’s commitment to long-term economic growth and enables to LEP to reinvest in site development and other local priorities, such as workforce skills development