A joint venture of private equity investors Asset Capital and Prescient Capital has acquired Wellington Plaza from Legal & General Investment Management following a competitive, multi-stage bid process.
The 1980s building on Wellington Street has been vacant for years and is one of the last remaining sites in Leeds’ West End business district in need of redevelopment.
DLA Architecture, which is already masterplanning most remaining development sites in Leeds’ West End, has been commissioned to draw up designs to transform the building. This includes an increase in floor space from 21,000 sq ft to provide 65,000 sq ft of Grade A office accommodation offering floorplates of around 10,000 sq ft. The £45m scheme promises “best in class workspace and communal amenity to the highest specification with strong ESG credentials”.
Asset Capital chief executive Daniel Newett described Wellington Plaza as “an unloved asset that has been vacant for many years”. He said: “Our plans will complete the final piece of the development jigsaw in Leeds’ West End, bridging the important connectivity between other prominent new office developments on Wellington Street, considered to be the most prestigious business address in the city.
“A part of our business strategy is to repurpose existing buildings to reduce our carbon footprint and support a greener environment. This property has considerable potential for us to redevelop the existing structure to deliver inspirational, collaborative, and sustainable new workspaces that integrate with the many cultural attractions that Leeds has to offer.”
A planning application is expected to be submitted next month with the hope of completing the project by 2024.
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