| yorkshire region
LEEDS BOOM TIME FOR DIGITAL TECH SECTOR
sector will be one of the fastest-growing sectors in Leeds over the next five years. The analysis looked at eight areas in
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England, Wales and Scotland where significant digital clusters have come forward; identifying current and emerging property trends affecting the tech sector and assessing if conditions favour landlords or tenants.
Jeff Pearey “We expect the Leeds tech sector to
increase its gross-value added (GVA) contribution to the economy by 20% to £1.1 billion by 2022, and the tech workforce to grow by 6% to 19,800,” says JLL's director of office agency Jeff Pearey. The research highlighted the Innovation
Centre, Duke Studios, Entrepreneurial Spark Leeds and Futurelabs as tech start-up hubs. "In other cities and in line with the global rise of the tech industry, we are starting to
esearch by property experts JLL and Tech City UK suggests the digital tech
see startup companies looking to upgrade and move to more prime office space. "In Leeds we've seen companies such
as Sky Digital relocated here and then created literally hundreds of jobs, with other occupiers currently seeking space in the city. Leeds offers tech businesses office choice, availability and affordability within a deep pool of talent. The growing national and internal awareness of this cluster is definitely assisting global tech businesses with a base here.” JLL’s research has used a traffic light
system to indicate to occupiers and landlords what the current office market conditions are. At present, JLL says the Leeds property market as well placed for tech occupiers with a large amount of office space, so the 'pipeline' light is on green at the moment. Adds Pearey: “A strong pipeline of
office development in the city brings choice for tech startups and scale ups in the next few years. For instance, the University of Leeds’ The Nexus, which is due to open in 2018, aims to cater specifically for tech, research and creative start-ups. “With a current Grade A rent of £28.00 per sq.ft per annum Leeds is more
WAREHOUSE SOLD FOR £11.8M W
akefield Eurohub, a recently-refurbished 190,000 sq.ft distribution warehouse, has been sold for £11.8 million. CCLA Investment Management have bought the property
from Edinburgh-based Parabola at a net initial yield of 6.39 per cent. The warehouse is situated at the junction of California Way
and Express Way in the heart of Wakefield Europort, one of Yorkshire’s leading distribution locations. The deal was brokered by the investment team at the Leeds
office of global property consultancy Knight Frank. Graham Foxton, partner with Knight Frank explained: “The
deal is a resounding endorsement of Parabola’s investment strategy to acquire and comprehensively refurbish the building, which led first to a long lease with a high-quality occupier and then to this sale to CCLA”. “This sale also underlines the importance of Wakefield as a
logistics destination in Yorkshire. Wakefield Europort is an established location, occupiers on the estate include DHL, Argos, ASDA, Kuehne & Nagel, Warburtons, Royal Mail, 3663 and One Stop. These high-profile names underline how the Wakefield area is attracting high-quality national occupiers,” said Graham. Barry Woods, Director at Parabola said: “We are delighted to
complete the sale of Wakefield Eurohub to CCLA which marks the successful completion of our investment strategy for this building. I would also like to thank our agency team at Knight Frank for their hard work and expertise in securing both the letting and the sale.” Joel Duncan of property consultancy JLL acted for CCLA,
who have placed this investment in their Local Authorities’ Property Fund.
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affordable than a number of the other regional tech clusters. Competition for office space is expected to grow reflecting the attraction of the city to this sector.” However, Pearey believes that whilst
there is sufficient quality space at the moment to accommodate rapidly expanding tech ventures, companies need to start planning their moves now to take advantage. “We also need to reflect on, both as an
industry and a city, the type of space we bring forward, with co-working and more exciting, flexible space being a key draw for the tech sector. We've started to see some examples of this, but more space of this nature is needed, creating exciting working environments that encourage companies to interact. Whilst areas such as Southbank and Holbeck Urban Village offer scale-up hubs, to really attract the big tech giants we need to replicate this type of the space and working environment in areas such as the city's core, within buildings that offer the resilience and profile demanded by larger tech firms”. For more details
please visit:
www.jll.co.uk/leeds
STERLING WAY HAS HIT THE MARKET
he comprehensively refurbished 1 Sterling Way, one of the jewels in the crown of Capitol Park Leeds, has hit the market.
The new-look, self-contained office building was officially launched this week. The
distinctive, two- storey building, comprising 4,850 sq.ft of quality office space, is located at Capitol Park East, adjacent to Junction 28 of the M62 and accessed from Dewsbury Road (A653). This strategically positioned business park provides unrivalled
access to Yorkshire’s superb motorway network (M62/M1) and is less than seven miles south of Leeds city centre. Elizabeth Ridler, partner specialising in office agency with
Knight Frank in Leeds, commented: “The imaginative refurbishment of 1 Sterling Way has transformed a tired building into quality offices, fit for the 21st century. It is now available to lease or buy, depending on an occupier’s needs.” Richard Thornton of joint marketing agents JLL added: "”Given
the popularity of Capitol Park, we expect a high level of interest in 1 Sterling Way. The park ticks all the boxes. It is next to the M62 and within five minutes of the M1, so it has tremendous access to Yorkshire's superb motorway network. Its excellent facilities, including the very popular Village Hotel, and competitive rents make it one of the finest business parks in the north of England.”
COMMERCIAL PROPERTY MONTHLY 2017
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