Sub tenant found for landmark office premises
Walker Morris has sublet 13,000 sq ft of office space at its new offices in 33 Wellington Street, Leeds, to national wealth management and law firm, Progeny.
Fox Lloyd Jones, acting on behalf of Walker Morris, acquired an overriding lease over the whole of the 76,000 sq ft landmark building in 2018, and project-managed the delivery of the new offices through to completion.
The project secured the Office Deal of the Year at the 2019 Yorkshire Property Awards.
Having facilitated the physical move of the Walker Morris team into 63,000 sq ft in August 2019, FLJ was then tasked with sub-letting the remaining 13,000 sq ft offices, which were surplus to initial requirements but offered the law firm future expansion space.
The fit out of the self-contained offices, which have shared access to a landscaped courtyard and secure basement car park, will start this month, with Progeny relocating from its current offices on Park Place in Leeds and taking occupation in March 2020.
Nick Salkeld, director of Fox Lloyd Jones, said: “The Leeds office market is extremely buoyant, particularly for high quality space, leading to an acute shortage of supply. Indeed, there is less than six months’ worth of Grade A accommodation available now, with the annual take up in 2019 expected to be well above the ten-year average at approximately 700,000 sq ft.
“One area that is enjoying great success and ongoing investment is the West End of Leeds, with major developments such as GPU hub at Wellington Place and the Grainger PRS scheme on the former Yorkshire Post site, alongside several other planned developments.
“When an opportunity to occupy high-spec self-contained offices presents itself in this part of town, we knew we would not be short of interest. Progeny were first to react and, in so doing, have secured excellent offices before the range of options reduces further.”
Knight Frank acted as joint agents with Fox Lloyd Jones on the building, which is managed by Knight Frank Investment (KFIM) on behalf of Lancashire County Council.
