Idé Real Estate named preferred purchaser of trio of properties in Leeds’ Innovation District

Leeds City Council has announced Idé Real Estate as the preferred purchaser for the redevelopment of its three Grade-II listed buildings, Leonardo, Thoresby and Great George Street.

Idé Real Estate, which is a specialist in mixed-use assets and developments, has revealed that two of the buildings will be refurbished as millennial grade offices, while the third will be transformed into a “distinguished” hotel.

Set within the city’s innovation district, the three buildings currently offer over 86,000 sq ft of space, with the potential for additional development.

Currently used by Leeds City Council as part of its city centre office complex, all staff will be relocated to the new Merrion House.

Refurbishment and redevelopment will likely commence in Q4 of 2018, following the planning process.

The Leonardo and Thoresby buildings, a former printing works and teachers’ college, both constructed around 1900, are proposed to be refurbished to offer around 53,000 sq ft of flexible serviced office space.

Great George Street, a detached building constructed as a school in around 1890, will be transformed into a new hotel. The hotel will offer 140 rooms within the existing footprint and rooftop extension, with a further potential 200 rooms in a new building on the current car park site.

The trio of buildings are located within the planned Leeds Innovation District, which comprises the main city centre campuses of the University of Leeds, Leeds Beckett University, and potentially the Leeds College of Art, Leeds City College and the Leeds Teaching Hospital Trust’s Leeds General Infirmary site.

Councillor Judith Blake, leader of Leeds City Council, said: “We are delighted to announce Idé as the preferred purchaser for the site. The plans they have brought forward perfectly matched the aspirations of the city and the requirements of a gateway site to the Innovation District.

“These buildings occupy key city centre sites and it’s vital that they are developed in a strategic way, to continue to stimulate the city’s economy and enhance services for the people of Leeds.”

Ronan Faherty, chief executive officer at Idé Real Estate, commented: “Our vision for the scheme was to deliver high-quality, desirable and distinguished developments that match the location, history and significance of the buildings, with the future requirements and ambitions of one of the fastest growing cities in the UK.

“Sitting in the business and civic quarters of the city, and also in the newly planned Innovation District, and the first direct arena the complex is ideally located for business occupiers and visitors alike. We look forward to sharing the future development plans as they progress.”

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