King Street, Leeds

The Asset at a Glance

Occupier demands are changing. Businesses want more choice in their workspace and more services and amenities for their staff. This trend is already disrupting the market in Leeds but is also opening up new opportunities to add value.
Chris Button, Head of Value Add REIM
Investment Theme
Urban Assets
Purchase Date
January 2020
Purchase Price
£11m
NIY
N/A
Fund
Fiera Real Estate Opportunity Fund V
Features
• A redundant, vacant 1980s office in a prime location in central Leeds • Planning achieved for a comprehensive redevelopment, extending the building to provide 54,500 sqft of super prime accommodation, including a 4,000 sqft communal roof terrace and business lounge, • The Smart technology enabled building will also benefit from exceptional ESG credentials such as BREEEM Excellent, Wired Score and Cycling Score Platinum ratings, • Construction works are due to complete in Q4 2020 • One of the most significant office deals in Leeds during the past 12 months
Purchase Rationale
• Prime location in Leeds city centre • Ability to create accommodation to suit today’s occupier demands including Covid-19 resilient features • Grade A supply stands at less than 1 year’s average demand • Currently the only Grade A office regeneration being undertaken in the city
Location
  • 12 King Street, Leeds, LS1