Go-ahead for £50m Wellington Plaza redevelopment
Leeds City Council has given the green light to joint venture partners Asset Capital and Prescient Capital for the overhaul of the 1980s office building in a 77,000 sq ft project.
The former headquarters building was acquired last year from LGIM by the JV, with an eye to creating something fitting of a key West End gateway.
Prescient and Asset have confirmed intent to fund and deliver the £50m scheme speculatively with a start on site by early 2024.
Designed by Leeds based DLA Architecture, the approved plans include floorplates of up to 10,000 sq ft.
A total redesign of the building’s façade is influenced by the local conservation area and ESG credential targets including BREEAM Outstanding, minimum NABERS 5 star, Fitwell 3 star and WiredScore platinum certification.
The internal space is designed to support the post-pandemic hybrid way of working with total flexibility for occupiers fit-out. Communal spaces will include a large roof top terrace, sky lounge, and business lounge linked into reception for occupiers and their guests.
Daniel Newett, chief executive of Asset Capital, said: “We are delighted to secure planning consent to redevelop this important building in Leeds city centre that has lain vacant for some time now.
“We have plans to not only bring the site in line with its neighbouring Grade A premises but surpass this with a specification that the city has not yet seen, redefining the term ‘super prime’.
“We are very much repurposing an existing building, in line with our commitment to reducing our carbon footprint, to provide an inspirational, collaborative, sustainable and futureproof working environment that is worthy of a leading European city for business.”
Fox Lloyd Jones, Cushman & Wakefield and Knight Frank are on board as joint agents, with Society Studios appointed as branding and marketing consultant.
Adam Cockroft, director at Cushman & Wakefield, said: “Wellington Plaza will offer much needed, super-prime office accommodation with a level of specification and ESG credentials that Leeds city centre has not yet seen. Several pre-let discussions are already underway, confirming that the desirability for such high-quality workspace in a prime city centre location is still high.”
With an anticipated 18-month build programme, the development is expected to achieve completion for occupation by the Spring 2026.