Major redevelopment plans revealed as landmark Leeds office building sold

A joint venture partnership between Asset Capital and Prescient Capital has acquired a landmark office building in Leeds city centre with plans for major redevelopment.

The partnership has purchased Wellington Plaza from Legal & General Investment Management following a competitive, multi-stage bid process.

The 1980s former HQ building on Wellington Street is one of the last remaining sites in the heart of Leeds’ West End business district in need of redevelopment having lain vacant for many years.

DLA Architecture, which is already masterplanning most remaining development sites in Leeds’ West End, has been appointed to draw up designs to transform the building.

This includes an increase in floor space from 21,000 sq ft to provide around 65,000 sq ft of prime, Grade A office accommodation offering floorplates of around 10,000 sq ft.

Daniel Newett, CEO at Asset Capital, a private equity investor in multiple property backed deals, said: “We are very pleased to acquire this significant building, an unloved asset that has been vacant for many years.  Our plans will complete the final piece of the development jigsaw in Leeds’ West End, bridging the important connectivity between other prominent new office developments on Wellington Street, considered to be the most prestigious business address in the city.

“A part of our business strategy is to repurpose existing buildings to reduce our carbon footprint and support a greener environment.  This property has considerable potential for us to redevelop the existing structure to deliver inspirational, collaborative, and sustainable new workspaces that integrate with the many cultural attractions that Leeds has to offer.”

Fox Lloyd Jones has been appointed joint office leasing agents for the scheme alongside Cushman & Wakefield. Society Studios is appointed as design and marketing consultants for the scheme.

A planning application is due to be submitted next month with aspirations to deliver the project by 2024.  The GDV for the scheme is expected to be around £45m.