Tower Works fully let as HCA looks to next phase of development
THE final two units at the redeveloped historic Tower Works have now been let – one year since it reopened as contemporary office space.
The Leeds site was launched last July as a home to the creative industries and has enjoyed rapid take-up of its services and office space.
Creative Space Management, which is the managing and letting agent for Tower Works on behalf of the owner, the Homes and Communities Agency (HCA), secured the final tenants, costume design company Charles White Costumes, and Synthetic Studios, a new start-up digital design agency.
The new lettings bring to 20 the total number of companies based at the creative and digital hub, occupying more than 18,000 sq ft of office space designed specifically for growing businesses from one to 20 people.
Paul Taylor, a director at Creative Space Management, said: “The fact that we can offer short-term leases and have a range of flexible spaces is a hugely attractive proposition for fast growth SMEs.
“Creative companies are particularly attracted to this area, to the south of the city centre, which is home to some of the most dynamic businesses in the city, many of which themselves have experienced tremendous growth. Business owners like the fact that they can build an important network here for the long term and keep them close by when the time comes to move to larger premises: we see many tenants migrate to the neighbouring digital hubs of the Round Foundry Media Centre or Igloo’s Marshall’s Mill. We already have a waiting list for spaces here so we’re confident occupancy levels will remain high for the foreseeable future.”
Tower Works reached completion last year having endured the recession thanks to continued investment and support from the HCA, which is now looking to the take the next phase to market in the autumn to continue the development of the site.
Ian Hall, area manager for Leeds City Region and North Yorkshire economic assets team at the HCA, said: “We’re delighted to have reached 100% occupancy. Attracting new businesses into the city supports the local economy as well as generating a return on our investment for taxpayers. We now look forward to the next chapter of the scheme which has potential for both residential and commercial development. Market conditions will determine the mix, but we will ensure that we build on the success of the scheme so far and enhance its offering in future stages.”
Tower Works is funded by Homes and Communities Agency (HCA) with additional funding support from the European Regional Development Fund (ERDF) which has invested £1.9m into the project.
