DWF has advised Roydhouse Properties on the forward funding of Central Square, Leeds.
The development, which will be funded by M&G Real Estate, in conjunction with Marrico LLP and Roydhouse Properties, marks the first speculative office scheme in Leeds for eight years and demonstrates progression in the provision of Grade ‘A’ office space in the region. The 11-storey office scheme is located between Wellington Street and Whitehall Road, and is only a short walk from City Square and Leeds Railway station, occupying a prime site in the Leeds office district.
Jim Speed, real estate partner at DWF, led on the disposal and commented: “We’re delighted to have acted on the forward funding of the development of this prestigious site, which will make a significant contribution to the ongoing transformation of Leeds city centre. Central Square will comprise an iconic building in the Leeds city landscape and we’re looking forward to closing pre-let deals with a number of occupiers in the coming months.”
Jim was supported by construction partner Penny Tate and corporate partner Guy Jackson at DWF.
Mark Barnes, managing partner at Marrico Asset Management LLP, added: “When we acquired the site in August 2013 we were in a very different financial climate. However, the purchase showed great foresight by Steve Parkin and Gurnaik Chima who had confidence in the site and in the City of Leeds. The presence of tower cranes across Leeds is fast becoming a symbol of resurgence in the city’s development.”
Designed by DLA Design, the 220,000 sq ft scheme will deliver 10 floors of high quality office accommodation totalling approximately 208,000 sq ft and will be supported by retail, cafes, restaurants and 128 car parking spaces. Additional features will include accessible public thoroughfares, a ninth floor sky garden, a central atrium and a winter garden. Completion is scheduled for May 2016.