Trowers & Hamlins is pleased to have advised AXA's UK Long Lease Property Fund on the purchase and forward funding of John Lewis's customer delivery hub at Logic Leeds from Muse Developments for £6.2 million.  The deal represents one of the most significant investment deals in Yorkshire so far this year and set a record yield for prime, mid-size industrial property.

The 50,500 sq ft warehouse, which will include 4,000 sq ft of offices, is due to be built within Muse’s 110-acre development in the Leeds City Region Enterprise Zone.  Work is expected to start on the site shortly and will open in spring 2016.

John Lewis has signed a 20-year-lease for the warehouse.  The retailer plans to use the hub to service orders from the John Lewis store in York and a new store in Leeds.  John Lewis Leeds, which is set to open in 2016, will be one of the retailer’s biggest department stores outside London.

Real Estate partners Mike Higginson and Katie Todd acted for long-standing client AXA on the purchase, advising on a complex development agreement, as well as a long lease and occupational lease.