It has been acquired by PLP’s investment vehicle PLP UK Logistics Venture (UKLV), which finalised the deal following the receipt of reserved matters from Leeds City Council for 855,000 sq ft of industrial and distribution space across four units.
Work will begin on the construction of these new units in summer 2020.
Gateway 45 has outline planning consent for 2.64 million sq ft of commercial space.
Aire Valley Land LLP — a joint venture between Harworth Group and Evans Property Group — has spent the past four years preparing the site for development following its designation as a government-backed enterprise zone.
This is the final land sale to complete at Gateway 45 Leeds this year.
The first one back in March involved the sale of 10 acres of fully serviced commercial land to the University of Leeds to build out its Institute for High Speed Rail.
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In addition, around 2.5 acres was sold to Leeds City Council for an extension to its existing park-and-ride facility.
Some 100 acres of land remains, with HS2 Ltd already reserving part of the site for a new rolling stock depot.
Three separate disposals totalling 55.5 acres have generated a total consideration of £30.3m for Aire Valley Land LLP.
“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,” said Owen Michaelson, chief executive at Harworth Group.
Ian Ball, chief operating officer at Harworth Group, added: “This deal caps an excellent year for the Aire Valley Land joint venture, concluding the 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 am sure that it will make a success of its development.”