The Yorkshire Counties A 14,000 Sq Ft Pre-Let at City Square House in Leeds
The prime workspace will comprise Grade A office accommodation over 12-storeys including low carbon credentials, terraces on the 4th, 5th and 6th levels and extensive cycling, electric vehicle and e-bike charging point facilities.
Practical completion of this iconic building, built by Design & Build contractors McAleer & Rushe, is scheduled for early next year.
Barnett Waddingham, a leading independent UK professional services consultancy focussing on risk, pensions, investment and insurance, is taking 14,000 sq ft of prime office space at developer MRP’s City Square House in Leeds on a 15-year lease.
This is the one of the most significant pre-let office deals in the city during the past 12 months. It was brokered by the Leeds office of global property consultancy Knight Frank.
Barnett Waddingham, who are relocating from within Leeds, are paying £37 per sq ft with a 10- year break on the 15-year lease.
City Square House is a 140,000 sq ft speculative development and the only remaining undeveloped property fronting City Square.
Its stunning design, with extensive use of glass and steel, will provide an unrivalled presence in both City Square and the adjacent Leeds Station.
Property Spotlight Shines on Ripon
Ripon has long been a prime location for industrial and logistics (I&L) property industry due to its connectivity and proximity to the major urban centres of the North. With transport infrastructure such as the A1(M) corridor, the M1 and M62 all close by and cities including York, Harrogate, Leeds as well as the North East within easy reach, this hub of activity has thrived in recent years.
However, research into the I&L property market by property company Potter Space, commissioned with Savills, has revealed that businesses across the country urgently need more smaller (sub 100k sq. ft.) spaces.
The ‘BIG Things in SMALL Boxes’ report showed that there is a severe lack of units and land available
for companies looking for smaller spaces. Focus on big box (over 100k sq. ft.) schemes has left the small to mid-box market under served, throttling growth and creating suppressed demand.
As the small to mid-box market makes up almost 95% of all I&L properties across the nation and accounts for 56% of floorspace. It’s an important sector which makes up the backbone of the British economy.
The growth in online retail also means that it’s not only smaller businesses that rely on these premises. Larger household names such as Royal Mail, Screwfix and Amazon need these
COMMERCIAL PROPERTY MONTHLY 2023
smaller spaces to meet their last mile delivery to local communities.
Small to mid-box property companies need help from government and planning departments to reform the sector and keep developing existing, new and mixed schemes to support the diverse businesses that call these warehouses home.
Potter Space has been working with its customers in Ripon to support their needs and help them grow. The recent addition of the new Unit 54 available to let. Measuring 20,000 sq. ft., with an eaves height of ten metres, Unit 54 has both dedicated warehousing and office space – allowing businesses to co-locate all their operations on one convenient site. The warehouse covers an area of 18,250 sq. ft., whilst the office occupies 1,750 sq. ft.
Built to BREEAM ‘Very Good’ standards, the unit is designed with sustainability in mind and includes four EV charging points. Situated 6 minutes’ drive from the A1M junction 50, with the large local labour pools of Boroughbridge, Harrogate, Knaresborough, Thirsk and Northallerton all just 20 minutes away, Potter Space Ripon will continue its role as a major source of job opportunities for the local community – adding to the 3.8 million existing jobs in the I&L industry and supporting this vital sector into the future as it continues to grow.
Jason Rockett, managing director of industrial and logistics property company, Potter Space
Barnett Waddingham will be joining global law firm DLA and Markel, a leading SME-focused expert in providing integrated insurance, tax and legal services, in the building. Together, these two companies have taken a combined total of 103,000 sq ft.
Eamon Fox, partner and head of office agency at global property consultancy Knight Frank in Leeds, advised the landlord.
“The Barnett Waddingham deal completes a magnificent hat-trick of high calibre companies moving into
City Square House. City Square
House is the iconic new office development that the Leeds market has been waiting for.”
Ten-Year Deal Signed: Renewal of Lease at Junction Point
Onward Holdings Ltd, one of Yorkshire’s premier warehousing and retail park specialists, once again welcomes a national healthcare provider to the region as the company has agreed a renewal of its ten- year lease at Junction Point on the Green Industrial
Estate in Featherstone. The
deal, which is valued at around £285,000 annually, renews the relationship between the two companies and will see the tenant continue with the storage and distribution of medical products in Yorkshire.
Junction Point is a perfect fit for this pharmaceutical provider as the warehouse is equipped to handle the distribution of all manner of medical products. Effective space management for maximum operational efficiency is a mainstay of Onward Holdings’ package. The industrial estate also has a great geographical position being less than three miles away from J31 of the M62 and close to the M1 and A1(M) intersections. Plus, the proximity to the railway freight network via Wakefield Europort adds to the logistical efficiency of the site.
Despite the economic turbulence of 2023, the pharmaceutical company have overcome these difficulties to secure the company’s future for another decade at the Featherstone site. Onward Holdings’ dedication to providing the right space for their clients is what truly make this deal an excellent business match.
Onward Holdings’ Director, Neil Storey, explained: “Our tenant feels at home at Junction Point, and we’ve worked closely with them to deliver a facility that really does meet their every need. This is an excellent deal for all parties, and we’re delighted to be working together again for another decade.”
Onward Holdings is a third-generation family run business based in Yorkshire with a proud heritage and an international roster of clients across its portfolio of facilities. They offer a substantial choice of warehousing units including self-storage, bulk storage, managed, light industrial applications and long-term storage. They have a long- standing relationship with this tenant and are delighted with the renewal of their lease.
Neil Storey added: “Working with such a diverse range of companies and facilities really keeps us on our toes, we are proud and excited
to strengthen our positive
working relationship at Junction Point and will support the company with whatever they need moving forward. I’d also like to place on record my thanks to Andrew Miller Chartered Surveyors who negotiated the deal.”
To find out more about Onward Holdings, please visit
www.yorkshirewarehousing.com
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