Retailers help Muse to strong start to year
The urban regeneration and property development company Muse Developments has enjoyed a strong start to the financial year in Yorkshire, at a time when a number of major retailers are growing their operations in the region.
Muse, which has offices in London, Manchester, Glasgow and Leeds, made a significant contribution to half year results released by parent company Morgan Sindall Group. Morgan Sindall’s half-year operating profit before amortisation and exceptional operating items rose 17 per cent to £18.2m.
Morgan Sindall’s Manchester office has started work on a new £13.7m, 65,000 sq ft extension to the White Rose Shopping Centre in Leeds.
The appointment, by Land Securities, follows the delivery of a series of special works contracts at the existing centre.
In Leeds, Muse handed over a new 50,500 sq ft customer delivery hub in May to John Lewis at Logic Leeds, a 110-acre manufacturing and distribution park within the Leeds Enterprise Zone.
A spokesman said: “Logic Leeds is the first ‘big shed’ industrial park to be developed in Leeds for some time. The scheme will offer 1.4 million sq ft of development space, providing industrial units from 20,000 sq ft upwards.”
John Lewis has signed a 20-year-lease and the building was sold to AXA last year for £6.2m. Retail giant Amazon has also taken occupation of 80,840 sq ft of warehouse and distribution space at Logic.
David Wells, regional director for Yorkshire, the North East and East Midlands at Muse Developments, said: “We’ve seen excellent progress on a number of important regeneration schemes across the region.
“Plans are also progressing well on the second phase of Doncaster’s Civic and Cultural Quarter.”