Wellington Plaza in Leeds set for new lease of life after being acquired by joint venture partnership

A joint venture partnership between Asset Capital and Prescient Capital has acquired an office building in Leeds which dates from the 1980s as part of its plans to provide an economic boost for the city centre.
By Greg Wright
Published 28th Oct 2022, 07:45 BST
Updated 28th Oct 2022, 07:45 BST

The partnership has purchased Wellington Plaza from Legal & General Investment Management following a competitive bid process.

In a statement, the partnership said: “The former HQ building on Wellington Street is one of the last remaining sites in the heart of Leeds’ West End business district in need of redevelopment having been vacant for many years.”

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DLA Architecture, which is already providing a masterplan for most of the remaining development sites in Leeds’ West End, has been appointed to draw up designs to transform the building.

The plans are expected to include an increase in floor space from 21,000 sq ft to around 65,000 sq ft of Grade A office accommodation, offering floorplates of around 10,000 sq ft.

Daniel Newett, CEO at Asset Capital, a private equity investor in multiple property backed deals, said: “We are very pleased to acquire this significant building, an unloved asset that has been vacant for many years.

"Our plans will complete the final piece of the development jigsaw in Leeds’ West End, bridging the important connectivity between other prominent new office developments on Wellington Street, considered to be the most prestigious business address in the city."

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“A part of our business strategy is to repurpose existing buildings to reduce our carbon footprint and support a greener environment."

A joint venture partnership between Asset Capital and Prescient Capital has acquired an office building in Leeds city centre.A joint venture partnership between Asset Capital and Prescient Capital has acquired an office building in Leeds city centre.
A joint venture partnership between Asset Capital and Prescient Capital has acquired an office building in Leeds city centre.

Fox Lloyd Jones has been appointed as joint office leasing agents for the scheme alongside Cushman & Wakefield. Society Studios has been appointed as design and marketing consultants for the scheme.

A planning application is due to be submitted next month with the aim of delivering the project by 2024.

Related topics:LeedsWest End