£8.5m transformation results in new headline rent lettings
Following the recent £8.5M transformation of 1 City Square, Catella APAM, the specialist UK real estate asset manager, has agreed two grade A office lettings at headline rent for the Leeds city centre building to Avison Young and TP Bennett.
APAM negotiated a speculative surrender from Deloitte to add value by increasing headline rents in a city with low Grade A availability. The decision to surrender the 6th floor lease has been vindicated with the pre-let to Avison Young.
TP Bennett was the architect for the building’s recent transformation, and it is testament to the ambition and success of the project that the practice is also set to take space in the building.
The multi-million pound investment saw the reception transformed to a modern collaborative business lounge, with a café and free to use meeting rooms, in addition to two fitness suites, cycling facilities and showers.
William Powell, director at APAM, says: “This reimagined, high quality, best office accommodation, situated in the finest address in Leeds will provide Avison Young and TP Bennett with the perfect working environment, fulfilling their requirements for a more flexible occupier experience.”
The refurbishment is timely as work continues on the redesign of the City Square which will include an enhanced network of pedestrian and cycle friendly routes, along with a flurry of local and independent businesses.
