Facelift heralds fresh start for city office block

PLANS to transform a 1980s' office block into a modern development have been submitted to Leeds City Council.

Prince William House, on Queen Street in the centre of Leeds, is to be extended and redeveloped in a project costing up to 3m.

The 24,742 sq ft building, which will be renamed 21 Queen Street, was occupied by Irwin Mitchell until the law firm relocated to Number 2 Wellington Place in 2008.

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Mark Leonard, director of Ripley Capital, said: "Because we are changing the way the building is going to look, we wanted to get away from the previous name, which is associated with Irwin Mitchell, giving the building a fresh identity."

Private investment and asset management company Formal Investments bought the office block last month, and Harrogate-based Ripley Capital is project-managing the scheme.

The empty building is to be stripped back and extended with two extra floors built on the top of the existing three-storey structure, creating 37,455 sq ft of space in total.

Clear glazing will be added to the exterior to bring it up to date.

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The 16-space car park at the rear will be updated and fitted with electric car-charging points and the public right of way next to the building will be cleared and new trees planted.

Ripley Capital is working with West Yorkshire Police and Leeds City Council to design the building's security system.

Environmental features include a sedum moss roof covering part of the building, rainwater harvesting, roofmounted PV cells, which convert daylight into electricity, to contribute to the powering of the buildings' communal areas, and low-energy technology throughout the building.

If all goes to plan, work is expected to start in February or March next year and take 12 months to complete.

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The plans are designed by Think Architecture and Design, based in Leeds, and Turner and Townsend is the quantity surveyor.

The building is expected to achieve a BREEAM rating of "very good" or above and Ripley Capital hopes it will meet demand from companies wanting to locate in Leeds's central business district.

The latest Leeds Crane Survey, published by property consultants Drivers Jonas Deloitte last week, said that the low level of office development in Leeds has rebalanced the market and recovery could pick up once demand returns to absorb the temporary oversupply.

Nik Dockree, director of Ripley Capital, said: "We are finding that people are coming back into the central business district now.

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"Other buildings in the area, such as 10 South Parade, 14 King Street and Toronto Square, are all letting well, which is a good sign."

Mr Leonard added: "We foresee there being a shortage of supply in the traditional core area and that has been at the front of our minds. There's not a lot of competition out there in terms of construction so let's be the guys to do it."

Ripley Capital also claimed that 21 Queen Street would be cheaper than its immediate competition. Mr Dockree said: "We will offer a more competitive product with a similar specification."

King Sturge is the letting agent on the building, which was purchased from GVA Grimley acting as agents for the administrators of Barwood Developments (Leeds).

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Ripley Capital, which was launched in 2009, works with investors and partners on the acquisition and ongoing asset management of commercial property and development sites.

Expansion plans

The acquisition of Prince William House marked Formal Investments' second acquisition in Yorkshire after it bought the headquarters of Northern Foods in August.

GMI Property sold 2180 Century Way, in Thorpe Park, Leeds, to the private investment and asset management company, which has major holdings in the South.

The acquisitions lead the way for further expansion in the region together with Ripley Capital.

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Nick King, director of Formal Investments, said: "This marks the expansion of our business away from our traditional investment locations.

"Together with other projects we are advancing with Ripley Capital, this demonstrates our desire to grow our portfolio

in the region."