‘Game-changing’ deal agreed for Lowell’s new headquarters
Credit management company Lowell has taken on a 15-year lease for a new 133,118 sq ft office building at Thorpe Park Leeds. It is relocating its UK headquarters from two buildings in Leeds Valley Park to one smaller, modern and more environmentally friendly purpose-designed building.
The deal is said to represent the largest single out of town office deal ever recorded in West Yorkshire and the biggest property transaction in the Northern Powerhouse region over the last 12 months.
Scarborough Group International (SGI) secured planning consent for the new building in December last year as part of a commitment to invest £71m in the next phase of office development at Thorpe Park Leeds. It is also building a new 60,000 sq ft office building along with a multi-storey car park. GMI Construction has already started ground preparation works with completion anticipated by the third quarter of 2022.
The new Lowell HQ building, which is designed by Carey Jones Chapman Tolcher architects, provides seven floors with two levels of podium parking and amenity below.
Kevin McCabe, chairman at SGI said: “This is a game-changing deal, not just for Thorpe Park Leeds, but also for the Leeds City Region as a location for world-leading enterprise. Over 20 years ago we set out to create the largest and most attractive out of town mixed-use destination in the North. With over £160m investment from our joint venture partners, Legal & General Capital we have been able to deliver critical new infrastructure, The Springs retail and leisure destination, extensive public realm, housing and confirmation of a new dedicated railway station on site. These attributes were major influencing factors for Lowell which places the health and wellbeing of its people as a top priority.
“The deal reinforces the ongoing demand for high-quality, large-floorplate office accommodation at well-located out of town destinations with the critical infrastructure to provide ease of access but also strong doorstep convenience and community resources.
“We remain committed to investing further, even in these uncertain economic times, to build upon Thorpe Park Leeds as an attractive location for business, employment skills, quality of life and a flagship for the Northern Powerhouse movement.”
John Pears, UK chief executive, at Lowell, said: “This move will provide us with a unique working environment designed to improve collaboration across the business, support colleagues to work in a more flexible way, increase wellbeing facilities, and meet the needs of our business, both now and in the future.”
Roger Marsh OBE DL, chairman of the Leeds City Region Enterprise Partnership and NP11, added: “In Leeds City Region we are building and delivering dynamic places for the future, with modern workspaces and outstanding quality of life, to ensure businesses here can attract and retain the very best talent.
“Thorpe Park in Leeds is a shining example of this. I am delighted that Lowell are making Thorpe Park their new home, taking advantage of the transport links, connectivity and access to talent that our region offers to businesses.”