Headrow House: Famous Leeds building is acquired by MCR Property Group
A UK real estate investment and development company has bought a major commercial building in Leeds to supports its growth.
MCR Property Group has acquired Headrow House, the former Direct Line headquarters, with a GDV (Gross Development Value) of £37.6m.
The ten storey building, located at 42 The Headrow on the corner of Albion Street, will be retained as a mixed office and retail asset. MCR said it plans to undertake a comprehensive refurbishment programme and bring the vacant upper floors back into active use as soon as possible.
The property will now be let under its original Headrow House name. Direct Line occupied the upper floors until 2021. Planning permission was granted in January 2025 for the conversion of the upper floors into 230 co-living homes. However, MCR said it does not intend to implement the residential consent as part of its current strategy, “reflecting its confidence in Leeds as a major regional office market”.
“The ground floor will remain as retail space, maintaining an active frontage along The Headrow. Floors one to seven will provide leased office accommodation for larger occupiers, while floors eight and nine will offer serviced offices for smaller and growing businesses seeking greater flexibility. The proposed refurbishment and repositioning programme is expected to give Headrow House a gross development value of approximately £37.6m.”
Martin Brown, Director of Commercial Property at MCR Property Group, said: “Headrow House is a prominent building in an exceptional city centre location and an asset we believe has significant long term potential.
“We have seen some great traction in Leeds and across the wider region, which has strengthened our confidence in the city and its office market. Businesses are continuing to look for well located, professionally managed space that provides quality, flexibility and value."