A Joint venture partnership between Asset Capital and Prescient Capital has acquired a landmark office building in Leeds city centre with plans for major redevelopment and ambitions to set new standards in accommodation.
The Partnership has purchased Wellington Plaza from Legal & General Investment Management following a competitive, multi-stage bid process.
The 1980’s former HQ building on Wellington Street is one of the last remaining sites in the heart of Leeds’ West End business district in need of redevelopment having lain vacant for many years.
Award winning DLA Architecture, which is already masterplanning most remaining development sites in Leeds’ West End, has been appointed to draw up designs to transform the building. This includes an increase in floor space from 21,000 ft² to provide circa. 65,000 ft² of prime, Grade A office accommodation offering floorplates of around 10,000 ft². The state-of-the-art scheme will offer best in class workspace and communal amenity to the highest specification with strong ESG credentials.
Daniel Newett, CEO at Asset Capital, a private equity investor in multiple property backed deals, said,
“We are very pleased to acquire this significant building, an unloved asset that has been vacant for many years. Our plans will complete the final piece of the development jigsaw in Leeds’ West End, bridging the important connectivity between other prominent new office developments on Wellington Street, considered to be the most prestigious business address in the city.
“A part of our business strategy is to repurpose existing buildings to reduce our carbon footprint and support a greener environment. This property has considerable potential for us to redevelop the existing structure to deliver inspirational, collaborative, and sustainable new workspaces that integrate with the many cultural attractions that Leeds has to offer.”
Fox Lloyd Jones, strategic property advisors have been appointed joint office leasing agents for the scheme alongside Cushman & Wakefield. Society Studios is appointed as design and marketing consultants for the scheme.
Nick Salkeld at Fox Lloyd Jones and Sam Jamieson at Cushman & Wakefield said,
“We’re delighted to be part of the team working on this prestigious instruction, aiming to deliver a pioneering best in class scheme befitting of this prime city centre location. The building sits in a highly prominent position and presents a rare opportunity to deliver an iconic redevelopment to meet current day occupier demands focussing on exceptional levels of sustainability, amenity, and service.”
A planning application is due to be submitted next month with aspirations to deliver the project by 2024. The GDV for the scheme is expected to be around £45m.