Member Article

Funding secured for £96 million speculative office building in Leeds

A £96 million speculative office development has been announced in Central Square Leeds, funded by London-based M&G Real Estate.

Construction is already underway on the 11-storey office scheme and marks the first speculative office scheme in the Leeds for eight years - a huge step forward in the provision of Grade ‘A’ office space in the region.

It will be delivered in partnership with Marrico LLP and Roydhouse Properties Ltd. Marrico will continue to act as development manager on behalf of M&G Real Estate.

Designed by DLA Design, the 220,000 sq ft scheme will deliver 10 floors of high quality office accommodation totalling approximately 208,000 sq ft and will be supported by retail, cafes, restaurants and 128 car parking spaces.

Additional features will include accessible public thoroughfares, a ninth floor sky garden, a central atrium and a winter garden. Completion is scheduled for May 2016.

Hugo Henkes, director, Investment at M&G Real Estate, says: “M&G Real Estate has successfully developed speculative office developments in several major regional cities.

“We have been searching for opportunities in the Leeds market for some time and believe this scheme will meet the requirements of many national and international businesses currently in the market.”

Mark Barnes, managing partner at Marrico Asset Management LLP, adds: “When we acquired the site in August 2013 we were in a very different financial climate.

“However, the purchase showed great foresight by Steve Parkin and Gurnaik Chima who had confidence in the site and in the City of Leeds. The presence of tower cranes across Leeds is fast becoming a symbol of resurgence in the city’s development.”

Richard Bland, Partner at Marrico said: ’’Leeds had a record 794,000 sq ft take up of office space in 2013. There is less than 200,000 sq ft of Grade A office space available – all with smaller footplates than we are building. “

Leasing enquiries for office space should be directed to Jones Lang LaSalle

This was posted in Bdaily's Members' News section by Clare Burnett .