Leeds building set for £45m redevelopment following acquisition

A prominent Leeds city centre office building has been acquired by a joint venture partnership between Asset Capital and Prescient Capital, with plans for a £45m redevelopment.The partnership has purchased Wellington Plaza from Legal & General Investment Management following a competitive, multi-stage bid process.The 1980’s former HQ building on Wellington Street is one of the last remaining sites in the heart of Leeds’ West End business district earmarked for redevelopment, having lain vacant for a number of years.DLA Architecture, which is already masterplanning a host of the remaining development sites in Leeds’ West End, has been appointed to draw up designs to transform the building.The plans are set to include an increase in floor space from 21,000 sq ft to provide circa 65,000 sq ft of grade A office accommodation offering floorplates of about 10,000 sq ft. The scheme is targeting best-in-class workspace and communal amenity to the highest specification with strong ESG credentials.A planning application is due to be submitted next month (November 2022) with aspirations to bring forward the project by 2024. The GDV for the scheme is expected to be about £45m.Daniel Newett, chief executive at Asset Capital, a private equity investor in multiple property backed deals, said: “We are very pleased to acquire this significant building, an unloved asset that has been vacant for many years.”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.”Property consultancy Fox Lloyd Jones has been appointed as joint office leasing agent for the scheme alongside Cushman & Wakefield. Society Studios is appointed as design and marketing consultants for the scheme.Nick Salkeld at Fox Lloyd Jones and Sam Jamieson at Cushman & Wakefield added: “We’re delighted to be part of the team working on this prestigious instruction, aiming to deliver a pioneering best in class scheme befitting of this prime city centre location.”The building sits in a highly prominent position and presents a rare opportunity to deliver an iconic redevelopment to meet current day occupier demands focussing on exceptional levels of sustainability, amenity, and service.”