City centre Rivers House to make its debut on the office market
Now – during another period of austerity – the building is about to go on the market for the first time.
It could attract fast-growing firms who are looking for a base in the heart of Leeds.
Advertisement
Hide AdAdvertisement
Hide AdThe office agency team at Lambert Smith Hampton, in Leeds, has been appointed to sell Rivers House, which is the former regional headquarters for the Environment Agency.
The property can accommodate occupiers seeking space of between 30,000 to 50,000 sq ft across four open plan office floors.
Adam Varley, the head of office agency at Lambert Smith Hampton’s (LSH) Leeds office, said: “This type of property presents a unique investment opportunity in the city centre.
“Once renovated, it could provide much-needed Grade A office space, where demand currently exceeds supply.”
Advertisement
Hide AdAdvertisement
Hide AdAccording to an LSH spokesman, the Leeds office market is “reasonably buoyant”.
The spokesman added: “A number of occupiers have already committed to some very significant lets in the city centre, with recent figures from the Leeds office agents’ forum showing that total take-up in Leeds city centre reached 235,001 sq ft across 35 deals in the first quarter of this year.”
The most substantial letting was to the Dart Group (the airline Jet2) who took 71,000 sq ft at The Mint.
In the same period, KPMG agreed a pre-let at 1 Sovereign Square (Plot A) of 61,250 sq ft and Shulmans committed to move into 15,160 sq ft at No. 10 Wellington Place.
Advertisement
Hide AdAdvertisement
Hide AdMr Varley added: “We are slowly starting to see a split in the market emerging.
“On one side, are those who are able to agree a pre-let on a new office development, and on the other side are those who can’t.
“It is those who aren’t in a position to wait for new space to be built, who will be forced to compromise on their requirements when considering reloca- ting.”
Rivers House, in Park Square, is currently vacant following the consolidation and relocation of the Environment Agency to Lateral, which is south of Leeds railway station.
Advertisement
Hide AdAdvertisement
Hide AdMr Varley added: “We expect a great deal of interest in this property based on its prime business district location, and the lack of available office stock in the centre at present.
“The fact that it comes with its own secure basement car parking is a huge bonus in this loca- tion.
“While refurbishment to Grade A office space is the most obvious choice, we are also expecting enquiries from investors with leisure and residential conversion interests.”