January 20, 2014
Largest single office floor plate unveiled in Leeds as demand for space increases
The largest single office floor plate currently available in Leeds city centre has been unveiled, following the completion of a £1million refurbishment programme at one of the city’s landmark office schemes. The NFU Mutual insurance firm, which owns No 1 Whitehall Riverside, has refurbished 34,000 sq ft of space within the building to transform the 4th and 5th floors. In a first for the Leeds office market, 100 per cent LED lighting has been installed on both floors, to provide low maintenance, good quality lighting which will reduce CO2 emissions for future occupiers. Joint letting agents Jones Lang LaSalle and DTZ say that the building, which provides 127,731 sq ft of office accommodation over eight floors, helps to meet increasing demand for quality office space in the centre of Leeds.
David Hidderley, Investment Fund Surveyor at NFU Mutual, said: “With a limited amount of Grade A office accommodation remaining in Leeds city centre, and no speculative office development on the horizon, the refurbishment of space in prime locations with good sized and well configured floor plates has become more important than ever.”
“Our refurbishment, project managed by PSK Building Surveyors, responds to this acute Grade A shortage and we are pleased to officially launch back to the market what we believe is the most prestigious office in the city. Nowhere else in the central business district can currently offer available 17,000 sq ft floor plates.”
Joint letting agents Jones Lang LaSalle and DTZ believe that No 1 Whitehall Riverside is well positioned to respond to current market conditions.
Richard Thornton from joint leasing agents, Jones Lang LaSalle, said: “Our research shows that there will be a number of indigenous businesses looking to move within Leeds over the next three years and No 1 Whitehall Riverside is set to capitalise on this demand. However, whilst the lack of Grade A space is driving interest from some developers to potentially start building speculatively there will not be enough space over the short term to meet demand meaning occupiers could well miss the boat.”
Eamon Fox from DTZ concluded: “Leeds city centre leasing activity last year is expected to reach unprecedented levels and we are predicting similar take-up in 2014. The limiting factor in achieving this will be lack of stock going forward and there will be some inevitable pre let activity:”
No 1 Whitehall Riverside is already home to Grant Thornton, Straight PLC, Bond Dickinson LLP, BNY Mellon, Michael Page International, Arcadis and Mackenzie Stuart. Joint letting agents DTZ and Jones Lang LaSalle are quoting £26.00 per sq ft.