Firms in talks to acquire large industrial development

Muse Develpments' 80,000 sq ft industrial building at Logic Leeds
Muse Develpments' 80,000 sq ft industrial building at Logic Leeds
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A number of businesses are interested in buying a large industrial building which has kick-started a regeneration scheme in Yorkshire.

Muse Developments’ 80,000 sq ft industrial building at Logic Leeds is open for business.

The building, which includes 4,000 sq ft of offices and 100 car parking spaces, 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’ 110-acre manufacturing and distribution development in the Leeds City Region Enterprise Zone.

According to Muse, Logic Leeds represents a huge opportunity for the Yorkshire industrial and distribution market.

David Wells, regional director of Muse, said: “The completion of our speculative building, combined with the sale of the John Lewis Customer Distribution Hub to Axa, has put Logic Leeds on the map and we look forward to welcoming new occupiers to our development shortly.”

Nick Prescott, industrial property specialist with property consultancy Knight Frank in Leeds, who are marketing Logic Leeds with Carter Towler, said: “It is well documented that we are experiencing a shortage in supply of prime warehouse stock in the region, so this speculatively built industrial building is an essential addition to the Leeds industrial market.

“We are already in discussions with a number of businesses interested in acquiring the property, especially since our recent success with John Lewis Partnership, who will be occupying the neighbouring plot on the estate in Spring next year.

“We have undertaken detailed market analysis of the industrial sector in Leeds, working alongside Carter Towler and Muse themselves and we are in discussions over the next phase for the Logic scheme. The existing master plan can accommodate units from 30,000 sq ft up to 500,000 sq ft.”

Coun Richard Lewis, Leeds City Council’s executive member for regeneration, transport and planning, said: “The Leeds City Region Enterprise Zone is now starting to deliver exactly what it was created for in terms of supporting businesses, creating jobs and significantly boosting the local and regional economy.”

Muse, which specialises in mixed-use development, has operations in Manchester, Leeds, London and Glasgow.