The building housing the massive Amazon distribution centre in Leeds has been sold to the city council for an undisclosed sum.
Previous owners Muse Developments has confirmed it has offloaded the 80,840 sq ft industrial property with offices at the Logic Leeds development, next to junction 45 of the M1.
The state-of-the-art Unit 1 will be added to the city council’s investment portfolio to produce new rental income for the local authority’s coffers, with the council having taken a 250-year lease on the property.
This deal, which has just been completed, follows Muse Developments’s 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, commented: “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 is attractive to successful national retailers.”
A spokesman said that the Amazon site would create circa 130 jobs.
Mr 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.”
Tom Lamb, industrial property specialist with property consultancy Knight Frank in Leeds, said the two deals at Logic were among the most significant property deals in Yorkshire this year.
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