The Paradigm building at Thorpe Park in Leeds has been sold for £10.2m.
Scarborough International Properties and its partner, Legal & General, have sold a prime office building which consists of 31,650 sq ft of Grade A office space across three floors and 122 car parking spaces.
As the first speculative office building in this phase, Paradigm has been a very successful project.Paul Holcroft, Director of Asset Management at Scarborough
It is fully let on 10-year leases to four tenants, Pure Retirement (12,575 sq ft), Wates Construction (10,275 sq ft), EP UK Investments Limited (6,250 sq ft), and Renew Holdings (2,550 sq ft).
Knight Frank acted for the vendors and CBRE acted on behalf of the buyer.
Paul Holcroft, Director of Asset Management at Scarborough, said: “As the first speculative office building in this phase, Paradigm has been a very successful project.
“Following the completion of The Springs we have seen a significant increase in the number of office occupiers turning their attention to Thorpe Park, attracted by the ease of getting here either by car or public transport, the availability of parking, the feel of open space and the convenience of The Springs on the doorstep”.
Rachel Dickie, Head of Urban Regeneration at Legal & General Capital, commented: “The sale of Paradigm is testament to our ambition to deliver Grade A office space at Thorpe Park Leeds that is on par to the city centre by creating institutional-quality assets. As a result, we have attracted some fantastic businesses to east Leeds and we have already started on our next speculative office building, now partially pre-let to Pharmacy2U. With the recent completion of the Springs, our retail and leisure destination, we are committed to creating a dynamic and varied destination at Thorpe Park Leeds”.
Paradigm is part of the £162 million phase two development at the Thorpe Park Leeds and was the development’s first speculative office building.
Located directly off Junction 46 of the M1 motorway, Thorpe Park Leeds is an established business location with 800,000 sq ft of development built and occupied to date, including 600,000 sq ft of offices. More than 60 blue chip businesses occupy space at Thorpe Park Leeds employing around 4,500 people.
Following a £162 million investment deal with Legal & General Capital, Scarborough and Legal & General are progressing a transformational 1.35 million sq ft mixed-use expansion, bringing forward exceptional new business opportunities to the Leeds City Region.
Phase two of the development has progressed significantly with the opening of The Springs shopping centre last autumn. The Springs is a new 350,000 sq ft retail and leisure park with retailers including Next, M&S Simply Food, H&M, TK Maxx, Outfit and Boots and leisure brands including Nando’s, Gino D’Acampo’s My Restaurant and Pure Gym. A 44,000 sq ft, state-of-the-art, 10-screen Odeon cinema will open this spring.
The plan also includes a further 900,000 sq ft of Grade A office accommodation, 300 new residential homes by Redrow and a 113-acre public park with sports facilities.
Phase two also includes delivery of the first section of the ‘East Leeds Orbital Road’, a key piece of infrastructure connecting north and east Leeds to Junction 46 of the M1. This road will unlock land for the construction of up to 7,000 new homes in the east Leeds area, land that is either already allocated in the local plan or which is brownfield land.
The award-winning development has dedicated access to Junction 46 of the M1 and has been chosen for the new railway station, East Leeds Parkway, and associated park and ride, connecting Thorpe Park Leeds directly to Leeds city centre in eight minutes. This forms part of a £270 million infrastructure investment into Leeds by the Department of Transport.