It doesn't make sense in terms of a business service. If an organisation wants their logo redesigned, they will either get their current logo designer to do it or search for a new one by using the search term 'logo design', not 'logo redesign'.
Thanks for the input. Yes it was reg fee which is partly why I picked it up. Whilst I know it is not as good as something like 'logo design' I feel it could still be a very strong domain in the hands of the right person.