ONE of Yorkshire’s best known former mill buildings has reached full occupancy, providing further evidence that the region’s commercial property market is in good health.
Rose Wharf, a Grade II listed office development in Leeds city centre, has welcomed two new occupants, Thiskrow Ventures Ltd and The Recruitment Crowd.
The companies have both taken 1,850 sq ft suites in the Compass House building, on five-year leases.
The existing tenants include HD Brows, a beauty and cosmetics firm, and property surveyors Malcolm Hollis.
The lettings were completed by Leeds-based property consultancy Sanderson Weatherall alongside joint letting agent, Carter Towler, who acted on behalf of owners Caddick Develop- ments.
Caddick Developments refurbished Rose Wharf and Compass House, which are both former mills, in 1996.
Based on the southern side of the city centre, the riverside properties have retained many of their period features.
Caddick extensively refurbished Rose Wharf in Leeds at a construction cost of around £4m.
The building, which provides 60,000 sq ft of flexible office space, is regarded as one of the most important symbols of the city’s regeneration and has won a number of awards.
Dominic Towler, office agent at Sanderson Weatherall, said: “Rose Wharf is a charming, riverside development that provides great office spaces in an ideal city edge location.
“It’s fantastic to see the property fully occupied following a significant refurbishment, which demonstrates the pent-up demand for ‘character’ office space in Leeds.”
Office take-up in Leeds passed the 1m sq ft mark in 2017 for the first time, with lower rents and salary costs driving a trend towards ‘north-shoring’.
Growing numbers of firms and public sector bodies are deciding to set up operations in Yorkshire instead of the South East, where costs are much higher.
The Government Property Unit signed up for 378,000 sq ft at Wellington Place last September, with Leeds Building Society, fashion brand Burberry and global risk managers Willis Towers Watson also taking office space in the city.
Sarah Friskney, senior development surveyor at Caddick Developments, said: “Leeds has seen both significant development and leasing activity, with the Northern Powerhouse attracting international attention and investment, while domestic occupiers are realising the benefits of relocating to core regional cities.”
Caddick Developments, which is part of the Wetherby-based, family-run property and construction giant Caddick Group, is delivering the SOYO regeneration in Quarry Hill of Leeds’s cultural quarter.
A spokesman said: “Through its build-to-rent arm Moda, Caddick will be delivering 515 high quality rental homes, which will sit alongside co-working space, a hotel, new public realm as well as restaurants and bars.
“SOYO and Moda recently agreed a five-year partnership with West Yorkshire Playhouse, pledging financial support during the playhouse’s £14m revamp.
“The collaboration will also see workshop space in the playhouse temporarily transformed into a 350-seat pop-up theatre.”