A Vote of Confidence for Leeds City Region Property Market
11 Mar 2015
Leeds City Region’s headline partner for MIPIM 2015 has given Yorkshire’s commercial property market a major boost after breaking ground on the next phase of Wellington Place in Leeds.
5 Wellington Place is the latest office development in the City Centre site which has been masterplanned to provide up to 1.5m sq ft of brand new office, residential and hotel space in addition to 175,000 sq ft of existing office and retail space, let to a host of well-known companies.
The launch of 5 Wellington Place follows the 2014 construction start of 6 Wellington Place, a 106,000 sq ft office and retail building due for completion in the first quarter of 2016.
5 Wellington Place is a five-storey building offering 75,000 sq ft of grade A office with ancillary retail space and will be located at the gateway to Wellington Place’s new business district, just minutes from the city’s fantastic retail and leisure offer and the station. This significant location, on the junction of Northern Street and Whitehall Road, establishes 5 Wellington Place as a striking landmark building for Leeds and is expected to be completed by the third quarter of 2016. The project is funded by a joint venture between Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB) and is being developed by MEPC.
The announcement comes as Leeds City Region and Wellington Place attend the world’s leading property forum, MIPIM, to demonstrate the confidence and potential in the region to international investors, developers and occupiers.
James Dipple, chief executive of MEPC, said the decision to begin work on 5 Wellington Place demonstrated the investor’s ongoing commitment to Leeds and the wider city region, based on evidence of growing levels of occupier demand and confidence in the market.
Mr Dipple said: “Announcing the beginning of work on 5 Wellington Place is a fantastic way to kick off MIPIM and show how there is a real buzz in the city region, driven by a strengthening of the economy, demand and confidence levels, for investors, developers and occupiers. MEPC, working with Hermes Investment Management and CPPIB, is committed to creating a sense of place and our ambition is being fulfilled to create a vibrant and distinctive business quarter and community here at Wellington Place.”
Tom Riordan, Chief Executive of Leeds City Council added, “It’s great to look up at the skyline and see so many cranes in Leeds. Over the last few years the city centre landscape has undergone impressive change and with developers such as MEPC, working with Hermes Investment Management and CPPIB, this will continue. The further developments at Wellington Place alongside the upcoming projects in the South Bank mean that there is a real impetus that will help to meet the demand for grade A office space in the city centre creating quality jobs for the people of Leeds and the wider city region. Shepherd Construction is the appointed contractor on the build.
Leeds City Region’s presence at MIPIM is led by Leeds and Partners on behalf of the Leeds City Region Enterprise Partnership. The private sector commitment is at an all-time high, with partners including Arup, CEG, GVA, Town Centre Securities, Shulmans LLP, Harworth Estates, Munroe K and Curtins Consulting confirmed to join headline partner Wellington Place. Additional supporters include aql, Monaghans and Barton Legal. Public sector representatives from across Leeds City Region are attending to demonstrate the strength of the public-private partnership.