Leeding the way

Located in the city’s fast developing West End, Lumiere and developments such as Whitehall Riverside and Wellington Place promise to create a completely new urban quarter with a combined total of over 3 million sq ft of office space, around 3,000 apartments and 186,000sq ft of retail space.

At Whitehall Riverside, law firm Cobbetts has taken a 20 year lease on 51,500sq ft of prime office space. The company currently occupies two floors with a third floor available to accommodate future expansion. It was recently joined by accountancy firm, Grant Thornton which saw the new address as a prestige location giving the company greater visibility within the market place.

Latest government figures show Leeds remains the UK’s biggest centre for financial and business services outside London. In Leeds, the sector now accounts for over 112,000 jobs and is forecast to generate 30 percent of employment growth in the region over the next ten years.

Much of the growth will be captured by developments in the West End of Leeds, which is being positioned as a five star business district ideal for major financial institutions and corporate occupiers.
Expansion and relocation of existing Leeds companies will account for some of the lettings. However, with take up of grade A space in the city averaging around 500,000sq ft per annum, it is clear that the volume of new offices is not going to be filled from demand within the Leeds market alone.

Developers MEPC, Town Centre Securities, KW Linfoot, HBG Properties and Bruntwood have therefore joined forces with Leeds City Council to form the West End Leeds partnership, to ensure a joined up approach to marketing the area to potential occupiers looking to expand or relocate operations from elsewhere in the UK. It will also ensure the area develops a coherent sense of place.

Rick de Blaby, Chief Executive of MEPC and Chairman of the West End Partnership, commented: “This city offers businesses throughout Europe not only easy access to the rest of the UK, but a dynamic hub that caters for every commercial need. With the projected growth in employment in the city coupled with ever increasing demand for higher quality and more sustainable workplaces, I believe the commercial environment for the city looks good.

“As part of the West End Partnership, we are excited to be part of a shared vision for enhancing economic growth across the city region and increasing the region’s contribution to the national economy. The West End Partnership is delivering a mix of five star and affordable accommodation, green space and a community which is conveniently connected to other areas of the city. These elements are evident in some of the foremost famous European. With our redevelopment programme, Leeds can follow in their footsteps and become an internationally recognised business and leisure destination.”

Demand for office space in the city centre rose by 17 percent in 2007 and in the immediate term, new requirements will be met by a number of prestige office developments due onto the market before the end of the year. Broadgate, the former Allders department store on The Headrow, is now close to completion and will offer over 150,000sq ft of grade A offices over four floors in a prime position.

On the fringe of the city centre, Latitude has planning permission for nearly 600,000sq ft of offices and 650 residential units. Phase one of this major business park, capable of accommodating significant head office requirements, is scheduled for completion in autumn 2008.

To the immediate south of the city centre, development of Holbeck Urban Village is expected to attract investment of around £800m and see the creation of a new business and residential community. By the end of this year, the area will have 680,000sq ft of office space catering to the needs of companies on the creative, professional and business services sectors.

The Leeds out of town market will also be boosted by completion of the East Leeds Link Road. Work on the £32m dual carriageway, linking junction 45 of the M1 to the city centre, will complete later this year. It will open up around 250 hectares of development land within the Aire Valley Leeds and attract major new investments from the private sector.

Planning permission has already been granted for 5.5 million sq ft of offices, industrial and warehouse space on sites adjacent to the route of the road. These include Logic Leeds, a development by Amec, which has outline planning permission for 1.6 million sq ft of business premises, with warehouse units available from 25,000sq ft to 1 million sq ft. The proposed development also features hotel and supporting leisure uses.

Transformation on a massive scale is also in store for the Leeds retail offer. Already a major draw for shoppers across the region and beyond, the city has five miles of shopping and over 1,000 retail outlets.

Plans for a massive regeneration scheme covering the city’s Eastgate & Harewood Quarters will bring an additional 1.25 million sq ft of retail space, including a flagship store for the John Lewis Partnership.

The £700m scheme is being developed in a joint venture between Hammerson and Town Centre Securities. Following the launch of an architectural competition at MIPIM 2007, a number of internationally recognised architectural practices have been shortlisted to work on the development.

Richard Lewis, Town Centre Securities development director said: “This is a hugely ambitious scheme and will reinforce the city’s position as one of the UK’s leading shopping destinations. We aim to create a unique and distinctive environment that will redefine the Leeds retail offer.”

Developments such as the Eastgate & Harewood Quarter and plans for the city’s West End exemplify the approach to place making and regeneration that has been developed in Leeds.

“Working with developers, we have produced a renaissance framework for the city setting out a number of key urban design principles to shape development activity and ensure Leeds retains its distinctive sense of place,” said Leeds civic architect John Thorp.

These principles are centred on developing and enhancing the city’s unique skyline, as well as preserving and reinvigorating natural and historic assets such as the waterfront, the city’s green spaces and its Victorian shopping arcades. The renaissance framework also acknowledges the importance of connectivity in generating a coherent sense of place and in reconnecting disadvantaged communities on the rim of the city to Leeds’ expanding and prosperous core.

“Many other UK cities are experiencing unprecedented levels of regeneration and renewal,” Mr Thorp added. “But while others have focused on landmark development and iconic buildings in their bid to differentiate and define themselves, it is the city-wide approach to long-term sustainable development that makes Yorkshire’s regional capital unique.”