Network Rail agrees 150 year lease on central Leeds offices

RAIL infrastructure manager Network Rail has agreed a 150-year land lease at City House in Leeds with building owner Bruntwood.

Property consultant JLL acted on the deal which will enable the 12-storey office building to be redeveloped.

Bruntwood obtained planning permission earlier this year to undertake “extensive” refurbishment of the vacant 121,000 sq ft office building, giving it a roof garden and business lounge.

Together with Bruntwood, Network Rail has spent 12 months bringing forward these plans. The revenue generated from the lease will be reinvested back into the railway.

Stuart Kirkwood, director of development for Network Rail, said: “The planned redevelopment of City House will significantly benefit Leeds city centre and provide much-needed office space at a key transport hub. This deal is testament to the major role of railway stations as catalysts for significant regeneration in our towns and cities.”

Craig Burrow, Bruntwood’s director of Leeds, added: “We are delighted to have reached this significant milestone and are now focused on delivering a major reinvention of this Leeds landmark as part of a wider programme of investment and improvements to the station.”

Jeff Pearey, director of office agency in JLL’s Leeds office, added: “Understandably Bruntwood required a longer term interest in the site occupied by City House from Network Rail before investing further in the redevelopment of the property.

“Given the current levels of interest in office space across Leeds, the refurbishment of City House, which will be delivered in 2017, will produce further much needed quality office stock.”