Wellington Place sign up one of the largest city centre deals in UK
A Leeds deal has made the top five for largest city centre deals in the UK in the first quarter of 2017.
The letting of 26,000 sq ft at 5 Wellington Place to insurance company Willis Towers Watson made the grade, according to property company GVA’s Big Nine report.
Other significant office deals in Leeds in Q1 include MPS taking additional accommodation at 4 Victoria Place and BW Legal’s relocation to 1 Apex View.
Total city centre take-up for Leeds was 105,826 sq ft, which was down against the five year quarterly average of 140,281 sq ft, the report said.
Similarly Leeds’s out of town market dipped, with total take-up standing at 55,743 sq ft, also down against its five year quarterly average of 83,195 sq ft.
The report disclosed that total city centre take-up across all nine cities, which make up the ‘Big Nine’, was 998,000 sq ft, which was 23% down on the five year quarterly average.
Total out of town take-up was 824,000 sq ft, only 1% down compared to the five year quarterly average.
Matthew Tootell, office director at GVA in Yorkshire, said: “Although quarter one’s figures are down, Leeds experienced a reasonable start to 2017 and there is anticipation of a strong year for city centre take–up figures. There are currently over 500,000 sq ft of live requirements in the city, which is a positive sign.
“A number of deals that didn’t occur in 2016 are now set to take place in 2017, which will give an extra boost to this year’s take-up figures.”
“There are some existing large requirements currently in the market which could continue to reduce the current Grade A supply in addition to Government Property Unit requirement, now confirming MEPC’s Wellington Place as the preferred location for its circa 380,000 sq ft hub.
“The Leeds office market is being driven by a mixture of the expansion of existing occupiers, growth sectors in the creative sectors including technology, media and telecoms and inward investment. New transport schemes and the regeneration of areas such as Leeds South Bank offer tremendous opportunities across a number of sectors.
“It’s also encouraging in terms of the high level of demand for city centre sites from a mixture of investors and developers from around the UK.”
