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Consent granted for major leeds gateway office scheme as Developer commits to speculative delivery

A planning application to redevelop a landmark site in Leeds city centre to deliver 77,000 sq ft of prime, best in class workspace has been approved by Leeds City Council. A Joint venture partnership between Asset Capital and Prescient Capital purchased Wellington Plaza, a prominent 1980’s former HQ building on Wellington Street, last year with […]

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A planning application to redevelop a landmark site in Leeds city centre to deliver 77,000 sq ft of prime, best in class workspace has been approved by Leeds City Council. A Joint venture partnership between Asset Capital and Prescient Capital purchased Wellington Plaza, a prominent 1980’s former HQ building on Wellington Street, last year with plans for major redevelopment that would set new standards in business accommodation. The partnership has confirmed its intent to fund and deliver the £50 million scheme speculatively with a start on site by early 2024. This transformation of one of the last remaining standalone gateway sites in the heart of Leeds’s West End business district is currently the only pipeline scheme of its calibre in the city centre to start on site in 2024. Designed by Leeds based DLA Architecture, the approved plans will increase floor space availability from 21,000 sq ft to 77,000 sq ft with Grade A specification floorplates up to 10,000 sq ft. A total redesign of the buildings’ façade is influenced by the local conservation area and ESG credential targets including BREEAM Outstanding, minimum NABERS 5 Star, Fitwell 3 Star and Wired Score Platinum Certification. The internal space is designed to support the post-pandemic hybrid way of working with total flexibility for occupiers fit out. Communal spaces will include a large roof top terrace, sky lounge, and business lounge linked into reception for occupiers and their guests. Daniel Newett, CEO at Asset Capital, the developer, said, “We are delighted to secure planning consent to redevelop this important building in Leeds city centre that has lain vacant for some time now. We have plans to not only bring the site in line with its neighbouring Grade A premises but surpass this with a specification that the city has not yet seen, redefining the term ‘super prime’. “We are very much repurposing an existing building, in line with our commitment to reducing our carbon footprint, to provide an inspirational, collaborative, sustainable and futureproof working environment that is worthy of a leading European city for business.” Fox Lloyd Jones, strategic property advisors have been appointed joint office leasing agents for the scheme alongside Cushman & Wakefield and Knight Frank. Society Studios is appointed as branding and marketing consultants for the scheme. Adam Cockroft at Cushman & Wakefield said, “Wellington Plaza will offer much needed, new, super prime office accommodation with a level of specification and ESG credentials that Leeds city centre has not yet seen. Several pre-let discussions are already underway, confirming that the desirability for such high-quality workspace in a prime city centre location is still high.” Nick Salkeld, Director at Fox Lloyd Jones, said, “Wellington Plaza’s speculative development is a huge boost for the critically undersupplied Leeds office market. There remains an underlying ‘flight to quality’ with Grade A demand accounting for almost 80% of take up which has seen headline rents continue to rise. Wellington Plaza is the first of a new generation of offices coming forward in the pipeline which will set the benchmark for boutique ESG led workspace in the prime core and is already attracting pre-let interest.” With an anticipated eighteen month build programme, the development is expected to achieve completion for occupation by the Spring 2026. CONSENT GRANTED FOR MAJOR LEEDS GATEWAY OFFICE SCHEME AS DEVELOPER COMMITS TO SPECULATIVE DELIVERY

Oct 23, 2023

A planning application to redevelop a landmark site in Leeds city centre to deliver 77,000 sq ft of prime, best in class workspace has been approved by Leeds City Council. A Joint venture partnership between Asset Capital and Prescient Capital purchased Wellington Plaza, a prominent 1980’s former HQ building on Wellington Street, last year with plans for major redevelopment that would set new standards in business accommodation. The partnership has confirmed its intent to fund and deliver the £50 million scheme speculatively with a start on site by early 2024.  This transformation of one of the last remaining standalone gateway sites in the heart of Leeds’s West End business district is currently the only pipeline scheme of its calibre in the city centre to start on site in 2024. Designed by Leeds based DLA Architecture, the approved plans will increase floor space availability from 21,000 sq ft to 77,000 sq ft with Grade A specification floorplates up to 10,000 sq ft.  A total redesign of the buildings’ façade is influenced by the local conservation area and ESG credential targets including BREEAM Outstanding, minimum NABERS 5 Star, Fitwell 3 Star and Wired Score Platinum Certification.  The internal space is designed to support the post-pandemic hybrid way of working with total flexibility for occupiers fit out.  Communal spaces will include a large roof top terrace, sky lounge, and business lounge linked into reception for occupiers and their guests. Daniel Newett, CEO at Asset Capital, the developer, said, “We are delighted to secure planning consent to redevelop this important building in Leeds city centre that has lain vacant for some time now. We have plans to not only bring the site in line with its neighbouring Grade A premises but surpass this with a specification that the city has not yet seen, redefining the term ‘super prime’. “We are very much repurposing an existing building, in line with our commitment to reducing our carbon footprint, to provide an inspirational, collaborative, sustainable and futureproof working environment that is worthy of a leading European city for business.” Fox Lloyd Jones, strategic property advisors have been appointed joint office leasing agents for the scheme alongside Cushman & Wakefield and Knight Frank. Society Studios is appointed as branding and marketing consultants for the scheme. Adam Cockroft at Cushman & Wakefield said, “Wellington Plaza will offer much needed, new, super prime office accommodation with a level of specification and ESG credentials that Leeds city centre has not yet seen. Several pre-let discussions are already underway, confirming that the desirability for such high-quality workspace in a prime city centre location is still high.” Nick Salkeld, Director at Fox Lloyd Jones, said, “Wellington Plaza’s speculative development is a huge boost for the critically undersupplied Leeds office market. There remains an underlying ‘flight to quality’ with Grade A demand accounting for almost 80% of take up which has seen headline rents continue to rise. Wellington Plaza is the first of a new generation of offices coming forward in the pipeline which will set the benchmark for boutique ESG led workspace in the prime core and is already attracting pre-let interest.”   With an anticipated eighteen month build programme, the development is expected to achieve completion for occupation by the Spring 2026.  

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