Funding secured for Central Square development

FUNDING has been secured for the £96m Central Square development in Leeds.

Property investor M&G Real Estate will fund the project, which is well underway, in partnership with Marrico and Roydhouse Properties. Marrico will continue to act as development manager on behalf of M&G Real Estate. According to M&G, the deal represents the largest ever speculative funding in Leeds.

The development will see the creation of an 11-storey office scheme situated between Whitehall Road and Wellington Street on the former Royal Mail site.

Designed by DLA Design, the 220,000 sq ft mixed-use building will comprise 25,000 sq ft of Grade A office space, retail and leisure provision and 128 car parking spaces.

Roydhouse Properties (Central Square) and Marrico appointed Wates Construction as the main contractor, following planning permission being granted by Leeds City Council in March.

Hugo Henkes, director, investment at M&G Real Estate, said: “M&G Real Estate has successfully developed speculative office developments in several major regional cities. We have been searching for opportunities in the Leeds market for some time and believe this scheme will meet the requirements of many national and international businesses currently in the market.”