New industrial buildings coming to Leeds

Developer Muse has already sold the two units, which total 56,000 sq ft, at Logic Leeds to Phoenix Investment Management and Pegasus World respectively.

Phoenix Investment Management bought a 25,000 sq ft unit, as part of its growing investment portfolio, while wholesale supplier of luxury hospitality textiles, Pegasus World, has taken a 31,000 sq ft unit. The costs were undisclosed.

James Scott, development director at Muse, said: “We’re proud to be delivering quality buildings for both Phoenix and Pegasus at Logic.”

Ivan Zhou, owner of Pegasus World, said: “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, added: “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.”

These 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 Amazon and has just been completed. Both units have been forward funded by Aberdeen Standard Investments in deals worth in excess of £100m.

Logic Leeds is one of the Leeds City Region Enterprise Zones which is supported by the local enterprise partnership, the Combined Authority, Leeds City Council, the Ministry of Housing, Communities and Local Government and Muse Developments

Two plots remain at Logic Leeds, totalling 100,000 sq ft, with strong interest in both units. The Leeds offices of Carter Towler and Knight Frank are the joint agents for the scheme.