29 Apr 2019 Yorkshire Property
A 43-acre plot of commercial development land at a prominent site in Leeds is set to change hands in one of the largest commercial transactions in the UK in 2019.
The Aire Valley Land LLP (AVL), a joint venture between Harworth Group plc and Evans Property Group, has exchanged contracts for the sale of land at its Gateway 45 Leeds site to PLP.
The site will be acquired by PLP’s flagship investment vehicle, the PLP UK Logistics Venture (UKLV), which is owned by majority investor Ivanhoé Cambridge alongside Peel Group, MIRA Real Estate and PLP management.
PLP will now work with AVL to begin earthworks and on- and off-site infrastructure, alongside the submission of a reserved matters planning application to Leeds City Council for about 850,000 sq ft of industrial and distribution space across four units. Subject to planning, work will begin on constructing these new units in summer 2020.
Jeremy Greenland, chief executive of PLP, said: “We are very excited about this acquisition, which provides a clear opportunity for PLP to deliver high quality logistics space in a variety of configurations for occupiers. Beyond this and our other three recent acquisitions, we continue to look for prime logistics developments and assets in key markets.”
PLP has recently acquired sites in Sheffield, Crewe and Knowsley, taking the value of UKLV’s assets under management (AUM) to about £500m on a completed basis.
James Pitt, development director at Evans Property Group, said: “This is an excellent outcome for all concerned which will deliver a significant proportion of the jobs promised when the Enterprise Zone was initially created. AVL LLP’s focus now is to assist PLP to get on-site as quickly as possible so that thousands of new jobs can be delivered for the City Region to benefit from.”
Ian Ball, chief operating officer at Harworth Group plc, added: “This deal caps a superb first four months of 2019 for the Aire Valley Land Joint Venture with the agreed sale of 60 acres of employment land in three separate transactions to high-quality counterparties. PLP has an experienced team with a proven track record and I have no doubt that they will make a success of their development.”
Earlier this month (April 2019), AVL sold an adjacent ten-acre plot of land to the University of Leeds for the development of its Institute for High Speed Rail and System Integration.