Region’s largest single out of town office deal is completed
Lowell and Scarborough Group International (SGI) have agreed a pre-let at Thorpe Park Leeds.
It is the largest single out of town office deal ever recorded in West Yorkshire and the biggest property transaction in the Northern Powerhouse region over the last 12 months.
Lowell, one of the biggest credit management companies in Europe, has agreed a 15-year lease to occupy a new 133,118 sq ft office building.
It is relocating its UK headquarters from two buildings in Leeds Valley Park to one smaller, modern and more environmentally friendly purpose-designed property.
SGI secured planning consent for the building in December last year as part of a commitment to invest £71m in the next phase of office development at Thorpe Park Leeds.
It is also constructing a 60,000 sq ft office building along with a multi-storey car park and extensive public realm. GMI Construction has already started ground preparation works with completion anticipated by quarter three 2022.
The new Lowell HQ building provides seven floors with two levels of podium parking and amenity below. It has been designed by Carey Jones Chapman Tolcher architects.
Kevin McCabe
Kevin McCabe, chairman at SGI, said: “This is a game-changing deal, not just for Thorpe Park Leeds, but also for the Leeds City Region as a location for world-leading enterprise.
“Over 20 years ago we set out to create the largest and most attractive out of town mixed-use destination in the North.
“With over £160m investment from our joint venture partners, Legal & General Capital we have been able to deliver critical new infrastructure, The Springs retail and leisure destination, extensive public realm, housing and confirmation of a new dedicated railway station on site.
“These attributes were major influencing factors for Lowell which places the health and wellbeing of its people as a top priority.”
John Pears, UK CEO, at Lowell said: “This move will provide us with a unique working environment designed to improve collaboration across the business, support colleagues to work in a more flexible way, increase wellbeing facilities, and meet the needs of our business, both now and in the future.
“The great services and transport links on the doorstep at The Springs will give our people a destination where, as well as coming to work, they can shop, access leisure and wellbeing facilities and flexible childcare through our planned onsite nursery.”
Roger Marsh, chairman of Leeds City Region Enterprise Partnership (LEP) and NP11, said: “In Leeds City Region we are building and delivering dynamic places for the future, with modern workspaces and outstanding quality of life, to ensure businesses here can attract and retain the very best talent.
“Thorpe Park in Leeds is a shining example of this. I am delighted that Lowell are making Thorpe Park their new home.”
Judith Blake
Councillor Judith Blake, leader of Leeds City Council, said: “A development like this is a major vote of confidence for east Leeds and is aligned to the Leeds Economic Recovery Framework, which will power the city’s long-term response to the financial impact of the COVID-19 pandemic.
“The development also complements our plans for a new rail halt at Thorpe Park as well as our work on the East Leeds Orbital Route – the biggest infrastructure project undertaken by the council for 50 years.”
More than 800,000 sq ft of office space has already been built at Thorpe Park Leeds, supporting over 5,500 jobs.
Further plans include the delivery of a 113-acre public park with sports and wellbeing facilities.
The phase two development at Thorpe Park Leeds was enabled following a unique investment deal with Legal & General Capital in 2015. Since then a 1.35 million sq ft mixed-use expansion has progressed.
Lowell was assisted by Pinsent Masons LLP and RA Real Estate. Walker Morris represented SGI on the completion of the legal documents together with their appointed agents for the office space, BNP Paribas Real Estate, Cushman and Wakefield, and JLL.
