Building work begins on next phase of Wellington Place as confidence in market remains

Developer and asset manager MEPC, has appointed Wates Construction to begin work building 3 Wellington Place – the next phase of the masterplanned urban quarter in Leeds city centre.

Clearly demonstrating Hermes Investment Management and Canada Pension Plan Investment Board’s (CPPIB) belief in the strength of the Yorkshire property market and the UK economy, 3 Wellington Place will offer 110,000 sq. ft. of prime office space, which is due to complete at the end of 2017.

Wellington Place – a landmark development located in the centre of Leeds just minutes from the railway station and city centre – is funded by a joint venture between Hermes Investment Management, the £24.1 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, and CPPIB, a professional investment management organisation that invests on behalf of 19 million Canada Pension Plan contributors and beneficiaries.

3 Wellington Place is located at the junction of Wellington Street and Northern Street, close to the A1 (M) inner ring road and will form the principal north-eastern gateway into Wellington Place.

The building will house five floors of office space, offering state-of-the-art facilities and a restaurant café lounge at ground floor level. The energy efficient project is set to achieve an Excellent BREEAM rating.

The start on site at 3 Wellington Place follows the success of 6 Wellington Place, which was a corporate workspace game-changer and 100 per cent let within four weeks of practical completion earlier this year. 5 Wellington Place, which offers 75,257 sq. ft. of new office space located at the south eastern gateway to Wellington Place, has also recently been completed.

Wellington Place continues to change the way that businesses operate by offering a community environment for Leeds’ leading corporate clients to enjoy, along with state-of-the-art office facilities and outstanding amenities.

James Dipple, Chief Executive of MEPC, said: “It’s great to see the regeneration of this large masterplanned site coming together. Fuelled by strong demand from local, national and international companies, Wellington Place is coming out of the ground at an impressive pace. The winning combination of great buildings coupled with high-quality public realm provides innovative, global businesses with the opportunity to attract and retain the best staff.”

Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “Work commencing at 3 Wellington Place marks another milestone for this new urban quarter in the heart of the city centre. On completion, the development will see the business community at Wellington Place grow with increasing success and confidence. As a long-term investor in the area, we continue to adopt a sustainable approach to development by anticipating the importance of providing excellent public realm, amenities and accessibility.”

Once completed, the scheme will boast a total of 1.5 million sq ft of commercial, retail, leisure and residential space and will be one of the biggest and most prestigious new city centre business quarters in Europe.