Partner Article

Australian insurer QBE expands UK presence with new offices in Leeds

Sydney-based insurance company QBE has expanded into the Leeds market, letting office space at McAleer & Rushe’s Central Park development.

This comes as the embattled insurance firm invests in a turnaround strategy, despite the latest shock earnings downgrade that wiped AUS$1.7 billion off the company’s market value.

QBE has signed a five-year lease for two floors at Acclaim House, Central Park, at a rent of £11 per sq ft.

Richard Clark, a partner with global property consultancy Knight Frank in Leeds, who represented McAleer & Rushe, commented: “This is one of the most significant office deals in Leeds this year. QBE have made a major commitment to Central Park, which is perfectly located immediately south of Leeds Station and close to the River Aire.

“Central Park also fronts the main approach road into Leeds from the A1, the M1 and the rest of Yorkshire’s superb motorway network. This is an area of Leeds which is becoming increasingly popular, given its location and its competitive rents.”

Knight Frank has just completed project managing a refurbishment of Acclaim House, prior to QBE moving in. This follows on from the recently completed refurbishment of the neighbouring office Block 2 at Central Park, which was again project managed by Knight Frank.

Knight Frank have successfully negotiated dilapidations settlements with the former tenants, which has enabled the landlord to re-invest the funds on the office buildings.

David Robinson, of Knight Frank’s Building Consultancy department in Leeds, said: “The refurbishment works will create a 21st century working environment, featuring open plan offices, full air-conditioning, raised floors, new lighting and suspended ceilings.

Stephen Davey of McAleer and Rushe added: “We have made a significant reinvestment in this location to modernise the space to meet current occupier demands, it is therefore pleasing that the market has responded well. Securing QBE on 22,000 sq ft will hopefully provide a springboard to further successful lettings”.

This was posted in Bdaily's Members' News section by Clare Burnett .