Investment and manufacturing firms choose Leeds following completion of industrial units

Work has completed on two Leeds-based industrial units with both having been sold to nationwide businesses who have opted to take up residency in the area.

Spanning 56,000 sq ft, the units at Logic Leeds have been handed over to new owners by Muse Developments, which chose the site to launch its flagship industrial and distribution hub.

Phoenix Investment Management has purchased a 25,000 sq ft unit, as part of its growing investment portfolio, while wholesale supplier of textiles for the catering and healthcare sector, Pegasus World, has taken an adjacent unit of 31,000 sq ft for its head office.

Stainforth Construction was the main contractor for both buildings, while the Leeds offices of Carter Towler and Knight Frank acted as joint agents for the scheme.

The deals follow 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 was pre-let to Amazon and completed earlier this year. Both units were forward funded by Aberdeen Standard Investments in deals worth in excess of £100m.

James Scott, development director at Muse, said: “We’re delighted that work has now been completed on these two quality units, adding a further chapter to the success story of Logic Leeds.

“These new buildings represent our shared vision with our partners Halifax Estates, Leeds City Council and Leeds City Region Enterprise Partnership to deliver a first-class destination for industrial and logistics organisations that benefits the whole city region.”

Ivan Zhou, CEO of Pegasus World Holdings, commented: “We’re delighted to be moving into our state-of-the-art building, which will be the super-hub of our fast-growing business supplying a wide range of industrial and healthcare PPE and cleaning products, alongside our hotel and catering textiles products.”

Matt Brown, director at Phoenix Investment Management, added: “We’ve been very impressed by the standard of tenants that have chosen Logic Leeds to call home. It’s for that reason that we decided to fund the speculative development of a 25,000 sq ft unit on the estate.”