November 26, 2020
Fiera Real Estate (“FRE UK”) and Opus North are delighted to announce that construction has started on site at 12 King Street, having received planning permission for the premier Grade A office building in September 2020.
The property, which occupies a prime position in the heart of Leeds’ CBD, was acquired in January 2020 on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE GIP”). FREOF V UK is targeting £250m of value add and opportunistic transactions and FRE UK are actively seeking similar city centre redevelopment opportunities in the £5-£25m range.
Opus North have appointed GMI Construction Group to undertake the renovation of the landmark Leeds City Centre office building which is being developed speculatively and will deliver 54,500 sq. ft. of super prime office accommodation once complete by the Autumn of 2021.
The building has been carefully designed by DLA Design to take into consideration the rapidly evolving office market and with tomorrow’s occupier in mind, boasting cutting-edge ‘smart’ building technology alongside market leading sustainability and well-being features credentials.
The transformation includes a striking new façade, complete replacement of the fifth and sixth floors, a state-of-the-art cycle spa and two new floors boasting an unrivalled communal sky lounge with extensive roof terraces.
The project will bring much needed high-spec office accommodation to Leeds and serves to be one of the most high profile office redevelopments, proving investor confidence in the city’s office market. The project is central to FRE UK’s investment thesis to create best in class sustainable buildings in markets with strong fundamentals, which is more important now than ever.
Knight Frank and Fox Lloyd Jones are representing FRE UK and Opus North in seeking occupiers for this game changing development.
Andrew Duncan, Managing Director of Opus North commented “We are creating the post Covid-19 contemporary workspace in the heart of Leeds, where technology, open spaces, roof gardens, fresh air, air-conditioning, combined with an exemplary approach to customer service, ensure we are the best-in-class office product in the city. We have challenged our design team of market-leading consultants to innovate and think outside to box to ensure we’re not just ploughing the same old furrow and doing what’s been done before. We have embraced the current climate, rolled with the changes and now we are close to launching the future of the post-pandemic workplace. Watch this space.”
Lee Powell, GMI Divisional Managing Director said: “12 King Street serves as one of the most-high profile and iconic developments within Leeds Central Business District and this landmark redevelopment project is drawing a lot of interest.
Having undertaken the extensive refurbishment and redevelopment of the award winning ‘33 Wellington Street’ in Leeds for Walker Morris’ new office, it feels befitting that we have now been entrusted to embark on breathing life into Walker Morris’ previous office in the heart of the city centre and we’re planning on this project being just as successful”
We are extremely happy and proud to be awarded this contract and entrusted by both Opus North and FRE UK to deliver the renaissance of this specular building. We look forward to working closely with Opus and FRE UK and the full professional services team”.