£45m Redevelopment For Leeds Office Block
An Leeds office block in the West End of the city is set for redevelopment after it was bought by private equity investors, The Construction Index reports. The building is currently empty, but it lies at the heart the redeveloped business district, which has seen billions of pounds of investment over the past few years to create a thriving quarter of the city.
Wellington Plaza has been empty since the 1980s, and was the subject of a bidding war which was described as highly competitive. Asset Capital and Prescient Capital have now secured the building from Legal & General Investment Management. They have appointed the architects DLA Architecture to upgrade the building to first class standard.
Asset Capital chief executive Daniel Newett said that Wellington Plaza was “an unloved asset that has been vacant for many years”.
He added: “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.”
The developers are aiming to submit a planning application in November and hope to have the £45m project completed by 2024. The plans include ambitions to increase the floor space from 21,000 sq ft to around 65,000 sq ft of premium office space which will attract international investors to the city.
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