Leeds City Council has signed a deal with Muse Developments to purchase three industrial units at its flagship Logic Leeds site, totalling 100,000 sq ft.
The agreement follows the granting of planning permission for the three units, with construction of the speculative units scheduled to complete late Spring next year.
The three units are 33,000 sq ft, 30,000 sq ft and 37,000 sq ft respectively.
This is the second land deal that Leeds City Council has concluded at the 110-acre Logic Leeds, having bought an 80,840 sq ft distribution warehouse last year.
Logic Leeds, which also houses a John Lewis distribution hub, is in the Leeds City Region Enterprise Zone by Junction 45 of the M1.
James Scott, development director with national developer and regeneration specialist, Muse, said: “The sale itself is both a resounding endorsement of the qualities of our development at Logic Leeds and a sound investment for the council.
“It meets all the city council’s investment criteria, as the three industrial units will provide a strong rental income stream in the years to come. There is a massive pent-up demand in West Yorkshire for units of this size, while their location, at the heart of Yorkshire’s superb motorway network and within the enterprise zone, makes them especially attractive. So the fundamentals for success are already in place.
Leeds City Council executive member for regeneration councillor Richard Lewis said: “By investing in high quality properties which generate a good return for the Council, we can continue to deliver much needed services for residents across the city.”