Newly launched asset management firm hungry for development opportunities
A NEWLY formed asset management firm which is behind extensive new plans for Central Square in Leeds, formerly the site of the proposed Lumiere project, is on the lookout for further development opportunities across Yorkshire.
Marrico Asset Management has been formed by Mark Barnes, former development partner at King Sturge in Leeds, Colin Fell, ex-Jones Lang LaSalle regional chairman, and Richard Bland, previously a senior banker with RBS in Leeds.
The firm says it plans to invest in development opportunities for a consortium of investors with substantial financial backing.
Its first major project is the Central Square scheme, backed by millionaire entrepreneur Steve Parkin, who owns Leeds-based Clipper Logistics, and Gurnaik Chima, who founded Huddersfield-based Bonmarche with his brother Gurchait, plans for which have been submitted on behalf of Roydhouse Properties for the 225,000 sq ft project.
The plans include Grade A office space for up to 2,500 workers across eleven floors and also feature a sky garden, restaurants and bars, a gym, 128 parking spaces and a Winter Garden.
The scheme has been designed to meet the changing needs of business occupiers and allow for large floor plate occupiers who are looking for the best office location in Leeds.
Mark Barnes, of Marrico Asset Management, said: “Marico Asset Management has substantial resources for investment and is looking for opportunities across the UK, but with emphasis in the North as their main investors are high net worth individuals from the North and Yorkshire. This includes development and investment opportunities in the office, retail, residential and industrial sectors.
“Our plans for Central Square will set a benchmark and make this square the best commercial building in Leeds, providing exclusive office space of the highest quality to blue chip companies who want to be in Leeds City Centre.”
He added: “Leeds has witnessed a solid level of activity and the year-to-date volume of new office lettings is already 33% higher than the previous full year total. Take-up across has already substantially exceeded the five year average of 380,000 sq ft and it is anticipated that year end city centre volumes will be around 600,000 sq ft; potentially the highest level on record since 2000.
“The lack of Grade A office accommodation in Leeds together with general momentum in the UK economy, improved market sentiment and increase in occupier demand means office occupiers wanting large footplates built to excellent environmental standards are looking at potential pre let opportunities.”
If planning permission is granted work could start on site in summer 2014, with construction on Central Square completed by mid-2016.
