Major refurbishment planned after developer buys former Walker Morris headquarters
The former Walker Morris headquarters is to be redeveloped to bring 50,000 sq ft of Grade A space back to the market in 18 months’ time.
Ilkley-based developer Opus North, backed by funder Fiera Real Estate UK, has bought the Kings Court building.
“This is one of the most significant office deals in Leeds during the past 12 months,” said Paul Fox, director at Fox Lloyd Jones.
It was on sale for £12m, which was around £2m higher than paid in deals in 2010 and 2013 but below the £17m once paid by Alliance Trust Real Estate Partnership.
This purchase is one of the acquisitions that make up the first close of Fiera Real Estate’s £250m Opportunity Fund V UK.
Fiera Real Estate and Opus North will now bring forward plans to refurbish the building and bring it to a Grade A specification ready for occupation in summer 2021.
Andrew Duncan, director of Opus North, said: “Occupier demands are changing. Businesses want more choice in their workspace and more services and amenities for their staff.
“This trend is already disrupting the market in Leeds but is also opening up new opportunities to add value for us, which we will apply at Kings Court.”
Law firm Walker Morris moved its 450 staff to Wellington Street last August, leaving the seven-storey building empty.
A number of Yorkshire professional services teams will be working on the renovation of Kings Court, including architects DLA, quantity surveyors Gardiner & Theobald, engineers Curtins, M&E consultants MRB and property consultants Knight Frank and Fox Lloyd Jones.
Eamon Fox, partner at the Leeds office of Knight Frank, added: “People want more than just a good job and working environment. The lifestyle a particular city can offer is becoming a key component for a business in attracting and retaining staff, which is where Leeds is winning over other UK cities.
“We see now that businesses must consider the housing costs, quality, lifestyles and commutes of their staff if they are to understand what motivates them to relocate to or from a city or job.”
