Marrico looks for investment opportunities

The proposed Central Square building on Wellington Street, Leeds
The proposed Central Square building on Wellington Street, Leeds
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A newly-formed asset management company is looking for investment and development opportunities in Yorkshire and across the UK after securing its first high-profile site.

Marrico Asset Management was formed by Mark Barnes, former development partner at King Sturge in Leeds, Colin Fell, former Jones Lang LaSalle regional chairman, and Richard Bland, a former senior banker with RBS in Leeds.

The firm invests in development opportunities for a consortium of investors with substantial financial backing.

Its first major project is the 225,000 sq ft Central Square scheme in Leeds, formerly the 
site of the proposed Lumiere project.

It submitted plans on behalf of Roydhouse Properties, the investment business owned by Leeds entrepreneur Steve Parkin, last year.

The plans include office space for up to 2,500 workers across 11 floors and also feature a sky garden, restaurants and bars, a gym, 128 parking spaces and a Winter Garden.

Mr Barnes said: “Marico Asset Management has substantial resources for investment and is looking for opportunities across the UK, but with emphasis in the North as their main investors are high net worth individuals from the North and Yorkshire. This includes development and investment opportunities in the office, retail, residential and industrial sectors.

“Our plans for Central Square will set a benchmark and make this square the best commercial building in Leeds, providing exclusive office space of the highest quality to blue chip companies who want to be in Leeds city centre.”

He added: “The lack of Grade A office accommodation in Leeds together with general momentum in the UK economy, improved market sentiment and increase in occupier demand means office occupiers wanting large footplates built to excellent environmental standards are looking at potential pre-let opportunities.”

If permission is granted, work could start this summer and be complete by mid-2016.