Fully let 11 and 12 Wellington Place demonstrates ‘flight to quality’ for occupiers

Following the completion of a series of high profile deals, Wellington Place in Leeds has announced that the office space in its flagship 11 & 12 buildings are fully let less than a year after completion.

The buildings have been hailed amongst the UK’s most sustainable commercial office space and have seen lettings from a host of well-known companies, including global accountancy firm EY, which is the latest business to announce its move to new offices having agreed to take 25,000 sq ft.

The EY deal follows on from Lloyds Banking Group taking a lease of 124,000 sq ft at 11 & 12, marking the largest regional office transaction in the UK in 2023.

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Employee-owned consultancy Arup recently expanded into 36,000 sq ft of office space at 11 & 12, whilst iconic British brand ghd (good hair day) has launched its new headquarters there.

Fully let 11 & 12 Wellington Place demonstrates ‘flight to quality’ for occupiersFully let 11 & 12 Wellington Place demonstrates ‘flight to quality’ for occupiers
Fully let 11 & 12 Wellington Place demonstrates ‘flight to quality’ for occupiers

With leading commercial law firm Hill Dickinson and global real estate adviser JLL also having agreed deals at 11 & 12, a total of almost 230,000 sq ft of office space has been taken at the buildings since they were completed in spring last year.

The lettings will bring an additional 2,000 people to Wellington Place’s ever-growing community in the heart of Leeds.

The connected 11 & 12 Wellington Place buildings total 254,879 sq ft and will also feature a gym, business lounge and ground floor leisure and retail spaces.

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The buildings are all-electric and net zero in operation, running entirely on renewable energy. They feature the latest in smart technology and have set a new standard in sustainable new office developments in the North, having become the first outside London to achieve a NABERS Designed Reviewed Target Rating of Five Stars or above, an exemplar system for rating the energy efficiency of buildings both during the construction phase and when in use.

Positive community impact is at the heart of the wider Wellington Place development, with the equivalent of £44.5m of environmental and social impact generated during the construction phase of 11 & 12 alone. This included more than 1,500 local construction jobs created, 269 apprenticeship weeks completed, 80 site visits for schools and residents, and 800 children’s books donated to local schools.

Paul Pavia, head of development at MEPC, the developer and asset manager behind Wellington Place, said: “To have fully let the office space at 11 & 12 Wellington Place in such a short space of time is a fantastic milestone and one that we are rightly proud of.

“As with all our new lettings, we faced tough competition from across Leeds, the Yorkshire region and beyond to attract these leading organisations to 11 & 12 Wellington Place. We have made no secret of our belief that the office remains an absolutely vital part of the economy and society and these deals further cement this view.

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“They also support the values first introduced at Wellington Place more than 15 years ago, to raise the bar in sustainable development, to offer a socially cohesive and community-focused environment that people want to be a part of, and to use urban regeneration to support positive social impact.”

Jeff Pearey, head of UK regional office agency at JLL, said: “We are seeing a flight to quality for office occupiers who are increasingly focused on several key drivers when making their occupational real estate decisions.

“Appearance, transport links and location have always been important considerations. However, post-Covid, the first three on the list are now amenities, quality and sustainability.

“Wellington Place is delivering these, and more, in spades. From its leading occupiers to its first-class design, facilities and inclusive community, Wellington Place is undoubtedly one of the region’s premier developments, with 11 & 12 a hugely valuable addition.

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Indeed, the latest Leeds city centre office take-up figures from the Leeds Office Agents Forum highlight 11 & 12 as being central to take-up, which more than doubled in the first quarter of this year compared to the final quarter of 2023.

“By putting sustainability front and centre, 11 & 12 has created a pathway for a landlord and occupier relationship where both are strategically aligned and working collaboratively to ensure the environment is put first.

“Not only this but 11 & 12 is enabling leading brands to deliver flexible work options as well as technologically advanced, inclusive and amenity-rich office environments, that foster partnership and innovation, and develop positive communities, cultures, wellbeing and deliver meaningful social impact.”