6 Wellington Place, Leeds fully let after string of new deals

MEPC, the property management firm, has announced that 100% of the office space in 6 Wellington Place, a brand new 104,000sq ft building, is now fully let within four weeks of practical completion.

Wellington Place - located in the centre of Leeds just minutes from the train station and city centre - is funded by a joint venture between Hermes Investment Management and Canada Pension Plan Investment Board (CPPIB).

Three of the new deals signed are with existing occupiers at Wellington Place, which have experienced business growth and therefore need to expand their business accommodation.

6 Wellington Place will house Sky Betting & Gaming, which has confirmed it will acquire an additional two floors, taking its total space at the MEPC development to 65,000 sq ft across two buildings. The company will employ in excess of 750 staff at its Leeds headquarters.

Richard Flint, chief executive of Sky Betting & Gaming, said: “Thanks to our continued revenue growth and significant increase in headcount we have outgrown our current office space. It is great to be able to expand into a state of the art development so close to our existing headquarters. Our ambition is to be the best digital business in the UK and that means investing in our people and our facilities so we’re delighted to be taking two floors in the new building. We’re looking forward to moving in during the summer.”

Netpremacy, the global network, security and cloud specialists, is also upgrading to a bigger office space in 6 Wellington Place. The firm will now reside in office space totalling 5,000 sq ft.

The first tenant to agree terms in the building was Squire Patton Boggs, the Global law firm which will move into 32,000 sq ft of office space over two floors, followed by Equifax which has made the move to relocate its offices from Bradford to Leeds. Fit outs are now underway and companies will be moving in from March.

Additionally, law-firm Shulman’s is another existing occupier which will further expand its presence from two to three floors at 10 Wellington Place. Shulmans will acquire an additional 5,000 sq ft taking its total space in the scheme to 12,699 sq ft. Its Leeds office will be home to 180 staff.

James Dipple, chief executive of MEPC, commented: “It’s a huge achievement to have a building fully let so close to completion. This clearly demonstrates that the quality of development we’re building is hitting the mark with occupiers.

“I firmly believe that the Wellington Place environment helps businesses flourish which is reflected in the recent deals signed with existing tenants who are all expanding.

“These businesses looking to acquire more space not only appreciate the high quality and specification of the new buildings here but also clearly see a great benefit in being part of the dynamic and vibrant business community we are organically nurturing at Wellington Place.”

James added: “We’re not just another developer building a new scheme. Wellington Place is a community enjoyed by more than 2,000 professionals who benefit from the environment we have created for them in the heart of the new corporate district of Leeds. The next building scheduled for completion is 5 Wellington Place which offers 75,000 sq ft of space and is due to complete summer 2016. Already we’re seeing strong levels of interest in this building and as a result it’s likely that 3 Wellington Place will be breaking ground soon.”

Chris Taylor, Head of Private Markets at Hermes Investment Management, concluded: “The success of 6 Wellington Place is testament to our long-term strategy and focus on investing in regeneration schemes in major city centres. In partnership with the public sector, we are able to provide excellent public realm and accessibility and meet occupiers’ requirements for attracting and retaining talent in an increasingly urban environment.”

This month, CPPIB also partnered with Hermes Investment Management at the £1bn Paradise development in Birmingham by taking 50% stake in the £150m first phase.