Yorkshire’s commercial property market has been given a major boost following the start of building work on the next phase of Wellington Place in Leeds.
5 Wellington Place is the latest office development at the city centre site which has been master planned to provide up to 1.5m sq ft of brand new office, residential and hotel space in addition to 175,000 sq ft of existing office and retail space, let to a host of well-known companies.
The launch of 5 Wellington Place follows the 2014 construction start of neighbouring 6 Wellington Place, a106,000 sq ft office and retail building due for completion in the first quarter of 2016. 5 Wellington Place will offer 75,000 sq ft of grade A office space over five storeys with ancillary retail space. It will be located at the gateway to Wellington Place’s new business district, just minutes from the city’s retail and leisure offer and station.
This significant location, on the junction of Northern Street and Whitehall Road, will establish 5 Wellington Place as a striking landmark building for Leeds. Expected to be completed by the third quarter of 2016, the project is funded by a joint venture between Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) and is being developed by MEPC.
James Dipple, chief executive of MEPC, said the decision to break ground on 5 Wellington Place demonstrated the investor’s ongoing commitment to Leeds and the wider city region, based on evidence of growing levels of occupier demand and confidence in the market.
Mr Dipple said: “Announcing the beginning of work on 5 Wellington Place is a further demonstration of how there is a real buzz in the city region, driven by a strengthening of the economy, demand and confidence levels, for investors, developers and occupiers. MEPC, working with Hermes Investment Management and CPPIB, is committed to creating a sense of place and our ambition is being fulfilled to create a vibrant and distinctive business quarter and community here at Wellington Place.”
Tom Riordan, chief executive of Leeds City Council added: “It’s a fantastic feeling to look up at the skyline and see cranes working. Over the last few years the city centre landscape has undergone a tremendous change and with developers such as MEPC, working with Hermes Investment Management and CPPIB, this will continue. The further developments at Wellington Place alongside the upcoming projects in the South Bank mean that there is a real impetus that will help to meet the demand for grade A office space in the city centre.”
Shepherd Construction is the appointed contractor on the build. The letting agents for 5 Wellington Place are Jeff Pearey at Jones Lang LaSalle and Adam Cockroft of DTZ.