Work starts on 'game changing' £60 million Leeds office building
Work has started on a ’game changing’ £60 million office building in the heart of the city centre.
The state-of-the-art nine-storey building at the junction of Wellington Street and Northern Street is expected to be ready by summer of 2027.
The development by Prescient Capital is replacing Wellington Plaza, which has been demolished.
Eamon Fox, office agency partner and head of global property consultancy Knight Frank’s Leeds office, who is advising Prescient Capital, commented: “This is a gamechanger for the Leeds office market, providing much needed and very timely quality office space to satisfy pent-up demand. As a result, we are quoting rents of £55 per sq. ft, in line with the general trajectory of office rents in Leeds.
“It is not surprising that we are already experiencing a high level of interest in this super prime building, as it is the only new building on-site scheme with live construction and certainty of delivery for 2027. This is a significant differentiator from the other major developments in the city in the pipeline.
“There is no doubt that 31 Wellington Street is going to be a magnificent building and a worthy addition to the thriving professional core in the West End of Leeds. We should all be very proud of both the vision and the courage of Prescient Capital to invest in Leeds at this vitally important time.”
Doug Friend, director of Prescient, said: “As an adopted Yorkshireman, I have always been a massive supporter of the city of Leeds, having my office base here and the opportunity to develop a prime office building was too good to pass up. “The combination of the quality of 31 Wellington Street, its superb location and the stark lack of Grade A office space made this development a compelling proposition. It is never an easy decision to embark on a speculative development but, in this case, the fundamentals are very sound.
“In the wake of Covid and the initial surge in working from home, the modern contemporary office must be of the highest standard, both in terms of quality space, ESG credentials, service and first-class facilities and amenities. 31 Wellington Street ticks all these boxes.”
He added: “For example, the top floor, which will boast panoramic views across the city, features a sky lounge for client entertaining and social events with the capacity for 150 guests. Meanwhile there are further amenities on the ground floor including a fitness suite, changing facilities and showers and secure cycle storage.”