Ivanhoe Cambridge’s PLP has bought 43 acres of land in Leeds which has outline planning consent for 2.6m sq ft of commercial space.
PLP’s flagship investment vehicle, the PLP UK Logistics Venture, bought the site from Aire Valley Land, a joint venture between Harworth Group and Evans Property Group.
The Gateway 45 site is adjacent to Junction 45 of the M1. Aire Valley Land has spent the past four years preparing the site for development following its designation as an enterprise zone.
The deal comes after PLP received reserved matters approval from Leeds City Council for 855,000 sq ft of industrial and distribution space across four units. Work will begin on constructing these new units next summer.
PLP UK LV is owned by majority investor Ivanhoe Cambridge alongside PLP.
This is the final land sale to complete at Gateway 45 Leeds this year, with three separate disposals totalling 55.5 acres generating a total consideration to Aire Valley Land of £30.3m.
Owen Michaelson, chief executive at Harworth Group, said: “When we invested into the Aire Valley Land Joint Venture in 2016, we said that we would create a development of national significance. This land sale, alongside our previous deal with the University of Leeds and its earmarking for a future HS2 rolling stock depot, puts us on the road to delivering this promise in delivering thousands of new good-quality jobs in the North of England.”
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
