Leeds council seeks out investors for ‘hugely desirable’ city centre development

Leeds City Council is seeking developers and investors to show interest in the 1.12 hectare city centre development opportunity, located at the site of the former International Pool.

Located in the centre of the city’s business district in the West End, and adjacent to the planned Innovation District, the site has the potential to accommodate up to five building plots offering in excess of half a million sq ft of business led space.

Cllr Judith Blake, leader of Leeds City Council, said: “Leeds is a rapidly growing vibrant city with a powerful and resilient economy at the heart of the Northern Powerhouse and one which has worked hard to deliver a 40% growth rate over the past decade.

“To support the growth of our business and visitor economies we need high-quality office space and hotel and leisure facilities, and as part of our ongoing strategic asset management strategy, we are determined to bring the absolute best investors, operators and brands to the city.”

“The Lisbon Street site sits in a prime position amongst many of the city’s top legal, financial and professional services employers, which makes it a hugely desirable development space. It would be ideal for grade A office space and high-end hotel operators looking to cater for this growing professional market and the ever increasing numbers of visitors to the city.”

The authority is aiming to attract investors interested in pursuing mixed-use development. This might include grade A office, residential, retail, leisure and hotel space, to service the city’s business and visitor economy.

Situated five minutes from Leeds railway station, the site is within site of the recently completed Central Square development which brought just over 200,000 sq ft of grade A office space to market in 2016 and is now nearly fully let.

The council is gauging developer ambitions for the site as a whole or in separate lots, and is looking for signature buildings of up to 20 storeys, with the provision of significant public realm extending to nearly 40% of the footprint, creating a new destination for the West End of the city.

The announcement is the latest in the continuing development of Leeds city centre, which saw record levels of completions in 2016, and the joint highest levels of new schemes starting since 2007.

Over 713,000 sq ft of office space completed with much pre-let, alongside nearly 600,000 sq ft of retail space, more than double Leeds’ annual average.

The Leeds economy is also the third largest in the UK, at around £20.4bn, and is set to experience the fastest growth in private sector jobs, according to the Cities Outlook 2015.

The city welcomes over 26 million visitors every year, worth £1.53bn to the local economy, and is bidding for the title of European Capital of Culture 2023.

It’s estimated that the city, which already boasts 68 hotels providing 6,041 beds, will require an additional 2,500 beds, or 10-15 mid-size hotels, in order to service the uplift in visitor numbers expected, if the bid is successful.