FTSE 100 Company signs largest office letting deal in Leeds this year

A newly secured deal will see a FTSE 100 company move into 6 Queen Street, the new Grade A office building in Leeds city centre.

Rockspring Property Investment Managers LLP and development partner Marshall CDP, on behalf of Rockspring Hanover Property Unit Trust, have let 46,000 sq ft of office space to the FTSE 100 company on a 10-year lease.

The deal signifies the largest office letting deal in Leeds this year and sets a new rental tone for Leeds at £30 psf.

The building, which is located in the centre of Leeds’ business district, provides a total of 70,940 sq ft of office space over six floors with two terraces, and boasts both BREEAM ‘Excellent’ and EPC A ratings.

Hanover acquired the site in October 2014 in response to demand for new office accommodation in the Leeds market, which was being met by a low supply of available space.

The remaining ground and first floors at 6 Queen Street, which total 24,872 sq ft, are experiencing interest from potential occupiers.

Mischa Davis, fund manager of Rockspring Hanover Property Unit Trust, said: “Securing this high profile tenant reinforces Hanover’s strategy of making a small allocation to calculated letting risk in strategically located, brand new Grade A buildings.

“Completing this key phase in the asset’s business plan ahead of schedule will be a key driver of performance for Hanover and will play a significant part in delivering three year out-performance against its Benchmark.”

Rod Mordey, head of UK asset management at Rockspring, added: “We are delighted to have secured a FTSE 100 company as our first tenant at 6 Queen Street which justifies the attention paid to the detailed design, unique external spaces, build quality and sustainability features.

“This success is the latest in a line of other speculative development and leasing wins for Hanover in recent years, including Chrome 102 in Minworth let to DHL (2016); The Stanza Building in Uxbridge let to Nexen (2013); Century Court at Westcott Venture Park in Aylesbury where tenants include Donna Karen (2015); and Ash Way Phase 2 at Thorp Arch, also in Leeds where tenants include Avacta plc and Beer Hawk (2016).”

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