Deal completes for development plot at Leeds site

A 43-acre plot of land at prominent site in Leeds earmarked for a major new development of industrial and distribution space has been sold.Aire Valley Land, a joint venture between Harworth Group and Evans Property Group, has completed the sale of the site at Gateway 45 Leeds to PLP UK Logistics Venture (UKLV), which is owned by majority investor Ivanhoé Cambridge alongside PLP.The deal has completed following the receipt of reserved matters from Leeds City Council for 855,000 sq ft of industrial and distribution space across four units. Work is set to begin on the development in 2020.Gateway 45 is located adjacent to Junction 45 of the M1 and extends to 166 acres, with outline planning consent for 2.64 million sq ft of commercial space.Aire Valley Land has spent the past four years preparing the site for development following its designation as a government-backed enterprise zone.The PLP UKLV deal marks the final land sale to complete at Gateway 45 Leeds this year, with three separate disposals totalling 55.5 acres generating a total consideration of £30.3m.Earlier this year, a ten-acre fully-serviced commercial plot was sold to the University of Leeds for its new Institute for High Speed Rail. A further 2.5 acres was sold to Leeds City Council for an extension to its existing park and ride facility.About 100 acres of land remains, with HS2 Ltd already reserving part of the site for a new Rolling Stock Depot to support the construction of Phase 2b of the line between Birmingham and Leeds.