Wellington Place "masterplan" to unlock 350,000 sq ft

THE investors behind Wellington Place in Leeds have announced that they have agreed a new joint venture to “unlock” a nearly 350,000 sq ft of land for development.

£26bn manager Hermes Investment Management and Canada Pension Plan Investment Board – which invests on behalf of 19m pension plan contributors have outline planning permission for a further 1 million sq ft site.

Developer MEPC has been working on the existing Wellington Place, delivering 215,000 sq ft of office and leisure space with the latest completion being 5 Wellington Place in July.

In September, law firm Ward Hadaway confirmed its move to the site, taking 13,000 sq ft of a total of 75,257 sq ft office and retail space at number 5.

Work commenced on the 110,000 sq ft 3 Wellington Place site in August this year. Tenants of the development as a whole include Shulmans, Sky Betting and Gaming, Irwin Mitchell and Willis Towers Watson.

The JV said it is actively pursuing a number of pre-let opportunities.

 Wellington Place masterplan

Chris Taylor, head of private markets at Hermes Investment Management said: “As like-minded, long term, risk aware investors, our partnership with CPPIB continues to go from strength-to-strength as we move into the next phase of Wellington Place. Through this partnership, we are able to continue bringing regional development projects like this to fruition by means of a sustainable approach to regeneration.”

Andrea Orlandi, managing director and Head of Real Estate Investments – Europe at CPPIB added: “We are pleased to expand on our existing commitment to the development of the Wellington Place project in Leeds. The next phase of the project remains well-aligned with our long-term investment strategy of working with like-minded partners like Hermes Investment Management to acquire high-quality, well-located real estate.”

James Dipple, CEO of MEPC also commented: “The success of this project is underpinned by the commitment of two major international investors. Wellington Place is and will continue to be a development that promotes a healthy and active work life balance with features such as an onsite fitness facility and social café.”