1,000,000 sq ft extension set for Leeds city centre’s Wellington Place

Wellington Place, a landmark development located in the centre of Leeds, is set for further development of approximately eight acres with planning permission for 1,000,000 sq ft.

Wellington Place is funded by a joint venture between Hermes Investment Management and the Canada Pension Plan Investment Board.

Hermes Investment Management is the £24.1bn manager, which delivers sustainable, risk adjusted returns to its clients, and CPPIB is a professional investment management organisation that invests on behalf of 19 million Canada Pension Plan contributors and beneficiaries.

MEPC, the developer and asset manager, is currently developing the site at Wellington Place, which to date has seen 215,000 sq ft of new office and leisure space delivered; 75% of which is currently let.

The latest addition to the development is 5 Wellington Place, a 75,257 sq ft office and retail space that was completed in July.

Chris Taylor, head of private markets at Hermes Investment Management, said: “As like-minded, long term, risk aware investors, our partnership with CPPIB continues to go from strength-to-strength as we move into the next phase of Wellington Place.

“Through this partnership, we are able to continue bringing regional development projects like this to fruition by means of a sustainable approach to regeneration.”

Andrea Orlandi, managing director and head of real estate investments of Europe at CPPIB, added: “We are pleased to expand on our existing commitment to the development of the Wellington Place project in Leeds.

“The next phase of the project remains well-aligned with our long-term investment strategy of working with like-minded partners like Hermes Investment Management to acquire high-quality, well-located real estate.”

James Dipple, CEO of MEPC, also commented: “The success of this project is underpinned by the commitment of two major international investors.

“Wellington Place is and will continue to be a development that promotes a healthy and active work life balance with features such as an onsite fitness facility and social café.”