| yorkshire region
CHAPEL ALLERTON BUILDING T
he renaissance of a landmark Grade II- listed building in Chapel Allerton, Leeds,
continues apace. 5 Stainbeck Lane has been extensively
refurbished by leading Yorkshire property developers, the Oakgate Group. Wetherby-based Oakgate has
transformed the 19th century building into a quality mixed-use development of flats and leisure units in the heart of this vibrant urban village. The rapidly-expanding restaurant chain
Buca di Pizza has just taken 3,075 sq.ft, leaving just 1,645 sq.ft of retail and leisure space to lease. Hollie Shackleton of Oakgate
commented: “We are proud of the regeneration of 5 Stainbeck Lane, which has breathed life into a splendid listed building which had fallen on hard times. The immediate conservation area is a well- established eating and drinking location, with popular establishments like the The Mustard Pot, Kith & Kin, The Pit, Casa Mia, Caffe Nero and Aagrah. “The letting to the popular Buca di
Pizza is testament to the quality of the refurbishment and the attractive location. We are already getting a good deal of interest in the remaining unit, which has large, attractive external seating at the
WATSON TO MOVE
company, is set to move from 1 and 2 Wellington Place to newly developed 5 Wellington Place. The deal is one of the largest city centre deals in the UK this year* and comes as Willis Towers Watson continues to enjoy sustained growth. The business, which was Wellington
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Place’s first occupier, having signed on the dotted line 17 years ago, now requires more space having seen its workforce expand from 80 to 240 employees. The company will be taking over 26,500 sq.ft of office space across two floors of 5 Wellington Place, a 75,257 sq.ft office and retail space that was completed last year. Work has already begun to prepare the office space ahead of the Willis Towers Watson move scheduled for early July. Slavica Sedlan, Managing Consultant at
Willis Towers Watson, said: “It was a very easy decision to make to stay at Wellington Place when we found we needed the additional office space. It was the best solution to meet our expansion needs, with the added bonus of staying with a highly attentive landlord and offering us the opportunity to create a forward thinking office space allowing for further growth.”
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illis Towers Watson, a leading global advisory, broking and solutions
WILLIS TOWERS LEEDS ACQUISITIONS
Schroder Real Estate, has acquired 1 East Parade and 8 St Paul’s Street in Leeds city centre from BMO for £12,700,000. The price reflects a net initial yield of 6.75% with a reversion to over 9% and a capital value of £188 per sq.ft. 1 East Parade and 8 St Pauls Street
T
are two adjoining multi let office buildings that total 48,500 sq.ft and 19,000 sq.ft respectively. 1 East Parade is built over ground and eight upper floors and is let to tenants including Zurich, Xalient and Appleyard Lees. 8 St Pauls Street is built over ground and five upper floors and is let to tenants including Caci Limited, IPS Group and Jones Myers LLP. 1 East Parade offers floorplates of
6,500 sq.ft with a total of three floors vacant at present whilst 8 St Pauls Street offers floor plates of 2,500 sq.ft with a two floors vacant. Tom Newman, Investment manager at
Schroder Real Estate said: “This acquisition offers two good quality office buildings in a prime city centre location. We will reposition both buildings through a high quality refurbishment in a market that is seeing reducing levels of good quality office space.”
he Regional Office Property Unit Trust, advised and managed by
front and rear, which is very unusual in this type of property. “This unit currently has planning for a
pub, café, deli or restaurant, but retail, leisure and beauty salon uses could also be viable, subject to planning,” said Ms Shackleton. The property was built in the 19th
century as a detached villa-style building, and most recently housed The Manor sports bar. Hollie Shackleton added: “We believe
our regeneration has made 5 Stainbeck Lane a more viable and attractive proposition for commercial operators, whilst the additional flats have served local demand. We are looking forward to completing the picture with the letting of the final unit.”
PONTEFRACT
Wakefield has let the final vacant unit at Prince George Industrial Estate in Pontefract. New start up company, CrossFit Elite
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UK Limited has taken 2,410 sq ft having agreed a three year lease. In-site Property Solutions acquired
the former Rempoly site on Skinner Lane in August 2014 and undertook a comprehensive refurbishment of the Estate to provide a number of units varying in size from 1,442 sq ft to 29,491 sq ft. Situated close to the recently completed Pontefract Northern Link Road allowing easy access to the M62 and motorway network, the Estate is also home to Autosmart, Bentleys of Pontefract, CS Autos and Keats Site Services. Scott Morrison, Senior Surveyor at
Cushman & Wakefield comments: “We are delighted to have fully let this Estate having secured seven of the eight occupiers in the last 12 months. The estate was refurbished by our client to an excellent standard, which allowed us to take advantage of the pent up occupier demand in this location.”
NEW DIRECTOR M
ark Stupples has joined Leeds-based property consultancy Eddisons as a
non-executive director. Mark, 55, has spent his entire career in
property services, since joining JP Sturge, which became King Sturge, as a graduate trainee in 1984. Appointed to its UK management board in 2000, he served as the firm’s UK managing partner from 2008 until 2011, during which time he negotiated the sale of that business to commercial real estate services and investment management business JLL. Following the acquisition, Mark was
appointed as JLL’s UK chief operating officer, a post he held until he left the firm in December 2016. He completed and integrated a number of UK acquisitions during his time with JLL, including WA Ellis in 2014 and Integral in 2016. Commenting on Mark's appointment,
Eddisons managing director Richard Roe said: “Mark is ideally suited to help Eddisons achieve its ambitious growth objectives and his expertise and strategic insight in managing growing property services businesses will be invaluable as the Eddisons business continues to evolve both organically and through selected acquisition.”
COMMERCIAL PROPERTY MONTHLY 2017
cting on behalf of their client, In-Site Property Solutions, Cushman &
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