Pure Retirement secures new HQ at Thorpe Park Leeds following 'major growth' period
Pure Retirement is set to take 12,575 sq ft of office space in Paradigm at Thorpe Park Leeds - the regeneration scheme which is being developed by partners Scarborough International Properties and Legal & General.
The equity release provider has agreed a 10-year lease to occupy the top two floors in Paradigm, which is the first speculative Grade A office building delivered as part of the £162m phase two development at Thorpe Park Leeds.
Pure Retirement has grown considerably in five years and is recognised as the fastest growing company in Yorkshire, ranking number seven in the top 100 SME’s by profitability.
Paul Carter, CEO at Pure Retirement, said: “Pure Retirement continues to enjoy major growth targeting a quarter of the UK market share in 2019 with £1bn in lending. During the last five years we have quadrupled in size to £21m in turnover with a team soon to total 91. We are forecasting similar growth over the next three years to become one of the UK’s top providers.
“To achieve this, we require suitably prestigious headquarters and Paradigm at Thorpe Park Leeds perfectly matches our aspirations. Despite some pressure to relocate to the city centre, we felt that Thorpe Park Leeds delivers the best in terms of accessibility whilst also offering the quality of office space usually restricted to prime plots in the city.”
“Paradigm will facilitate our rapid expansion plans and the impressive top floor terrace will provide fantastic social space for us to host our own events.”
Located directly off Junction 46 of the M1 motorway, Thorpe Park Leeds comprises 800,000 sq ft of development built and occupied to date, including 600,000 sq ft of offices. Over 60 blue chip businesses occupy space at Thorpe Park Leeds employing around 4,500 people.
Paul Holcroft, head of commercial leasing at Scarborough International Properties, commented: “We are delighted to agree this significant deal with Pure Retirement to occupy two full floors at Paradigm.
“It is good to see that the business, like many before it, has chosen to remain at Thorpe Park Leeds which is testament to the quality of space, environment and business support on offer.”
Rachel Dickie, head of urban regeneration at Legal & General Capital, added: “It’s great that we have been able to accommodate the expansion of Pure Retirement at Thorpe Park Leeds and look forward to supporting their next phase of growth.
“Paradigm is the first building to be delivered in partnership with Scarborough, creating quality space that is otherwise only found in the city centre. When the retail and leisure scheme opens later this year, Thorpe Park will also have a much improved amenity offer for those living and working in the area.”
Following a £162m investment deal with Legal & General Capital, Scarborough International Properties and Legal & General are progressing a transformational 1.35 million sq ft mixed-use expansion.
Phase two of the development is now underway with a new 350,000 sq ft retail and leisure park due for completion this Autumn. Occupiers will include Next, M&S Simply Food, Boots, Odeon and Pure Gym.
The plan also includes a further 900,000 sq ft of Grade A office accommodation, 300 new residential homes by Redrow and a 113-acre public park with sports facilities.
Cushman & Wakefield, JLL and BNP Paribas Real Estate are office agents on Thorpe Park Leeds.