the yorkshire region |
CENTRAL SQUARE, LEEDS C
entral Square is an outstanding new office development designed and constructed to set it apart from the competition and will push Leeds city centre to a new high compared to its peers. Testament to the impressive credentials of the development is evidenced by two early lettings to major accountants, PWC and RSM which collectively secures 40% of the 220,000 sq ft of this entirely speculative scheme. Central Square is the largest office led scheme ever built in Leeds, and collectively confirms the vision and expertise of developers Roydhouse Properties Ltd and Marrico LLP Situated between Wellington Street and Whitehall Road, the site was the former Royal Mail Sorting Office, which has been undeveloped for many years
Marrico appointed renowned architects
DLA to design a building that not only responded to the needs of providing large office plates, not available elsewhere in Leeds, but which also incorporated a vibrant mix of retail and leisure. The architectural design sympathetically respects the Conservation Area and yet incorporates striking fully glazed elevations. Without doubt Central Square is a “City Of London” building, which is a market leader
both in terms of scale and the exceptional quality of finishes adopted throughout. Central Square is scheduled for practical completion in July this year. PWC and RSM were quick of the mark to secure space and were attracted by the larger floor plates, together with a blend of retail and leisure within the building – the complete work space offer.
At ground floor is the winter garden, enclosed by an inspirational seven storey atrium. This creates a vibrant mix of space for both occupiers and public to enjoy the contemporary public realm not only within the winter garden, but also in the fully landscaped external environment. Marrico Asset Management who have drawn upon the expertise of a professional team who have raised the bar not only for the quality of scheme we see today, but also in terms of the outstanding sustainability credentials of the development, with a target of BREEAM Outstanding. With
innovation at the heart it is the very first speculative, multi let, office development to have the use of a low Carbon Gasification CHP (Combined Heat and Power) which will generate both heat and electricity to the building through the use of advanced gasification.
The Sky Garden at the top of the building will allow office occupiers substantial external areas for use throughout the day and for client entertaining events
LEEDS DEVELOPMENT ACTIVITY LEVELS ON THE UP
eeds is currently experiencing significant development activity after a stagnant period, with a number of major high profile schemes now underway according to Michael Porter, Senior Director of Valuation Advisory at leading property firm CBRE. Porter works with key developers including MEPC, Allied London and Scarborough Group and has noted increasing activity in the city centre, peripheries and out of town, as post- recession confidence has grown and developers seek to capitalise on limited supply and anticipated future rental growth. He comments; “Within the city centre Hammerson’s Victoria Gate, approximately 360,000 sq.ft, is due to complete in Autumn 2016, accommodating a John Lewis department store and some 30 retail / leisure units, further enhancing the retail offer following the massive success of the Trinity scheme. CBRE’s planning team advised Hammerson throughout the long process of obtaining consent for Victoria Gate.
L “Significant office developments are
also underway including Roydhouse Properties / M&G’s Central Square which
COMMERCIAL PROPERTY MONTHLY 2016
will be approximately 200,000 sq.ft, of which 49,650 sq.ft is pre-let to PWC and 25,000 sq.ft pre-let to RSM with a further 17,000 sq.ft under offer; Bruntwood / Kier’s Sovereign Square – 93,000 sq.ft, with 60,000 sq.ft pre-let to Addleshaw Goddard; CPD Marshalls / Rockspring’s 3 Queen Street – 68,000 sq.ft. “MEPC / Hermes’ 6 Wellington Place, with office space at 96,698 sq.ft also completed earlier this year. The office space is fully let to tenants including Net Premacy, Equifax, Squire Patton Boggs and SkyBet. Stirling Investments’ former Yorkshire Post HQ site is also being primed for development with planning consent for some 650,000 sq.ft of mixed residential, offices and retail / leisure uses. In addition a number of refurbishment projects are underway, the most significant of which is Bruntwood’s City House adjacent to the rail station – circa 120,000 sq.ft. All of this paints a very positive outlook for the city.” Paul Pavia, Head of Development at
MEPC commented: “We are delighted with the success of 6 Wellington Place and the creation of Tower Square, a major element of our public realm offering has firmly established Wellington Place as an urban location that is much more than
just a place to work.” Within Leeds’ Southbank, Allied
London successfully attracted Sky to Leeds Dock taking 62,000 sq.ft of waterside workspace in July of 2015, locating 650 staff within their new centre for digital and technology services. In addition, Allied London is also proposing to redevelop the former casino building to provide a further 60,000 sq.ft of workspace for 2017/2018.. Tim Gee of Allied London stated: “The momentum we created in 2015 with securing Sky has continued throughout this year with over 80% of our 2016 supply being pre-let or under offer. We expect this to continue and are proceeding with further offers throughout the course of 2017 and 2018, ensuring Leeds Dock becomes the centre for digital and creative industries within Leeds.” Out of town Scarborough Group
International and Legal & General Capital have commenced work on their 1,350,000 sq.ft retail, leisure and office scheme at Thorpe Park, following Legal & General’s acquisition of a 50% interest in the project. The first anchor store on the retail and leisure park has already pre-let to Next with further lettings currently being progressed.
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