Office investment reflects confidence in Leeds market

CLIENTS of Harrogate-based Commercial Estates Group (CEG) have reinforced the positive news from Leeds Office Agents’ Forum (LOAF) by investing a further £250,000 in the speculative refurbishment of the fourth floor suite at its city centre property 84 Albion Street.

The investment forms part of an ongoing £2m refurbishment programme for the building and further speculative work to upgrade the fifth floor is about to start.

The building’s upgrade to Grade A office space has attracted Metis Law and L’Oreal as tenants and, more recently, insurance broker Jelf Group, which has agreed a ten year lease for 3,500 sq ft of custom-designed offices.

A further suite is currently under offer, leaving only the soon to be refurbished fifth and sixth floors remaining.

In addition it has also attracted new retail tenants on the ground floor.

The confidence to commit such a high level of speculative investment in the property reflects the latest figures compiled by LOAF.

The research showed fourth quarter city centre office take-up was the best performing quarter of 2014 with a 10% increase on the previous three months. Across the whole year occupier take up in the city centre was nearly 8% ahead of the ten year average.

Nick Salkeld of joint letting agents Fox Lloyd Jones said: “The specification, quality and design of the refurbished office suites at 84 Albion Street in such a prime location sets the scheme apart from other competing office schemes. Furthermore with a low service charge and great views over Leeds city Centre 84 Albion Street is a compelling offer.”

WSB are joint letting agents on the property.