Government office signs up for 60,000 sq ft office in Leeds

THE biggest office letting deal in Leeds city centre for 12 months has been negotiated with government estate holdings company Trillium.

A total of 60,000 sq ft has been let on a 15-year-lease with a 10-year break clause at One Leeds City Office Park, Meadow Lane, in three stages.

The most recent letting was completed by the Leeds offices of property consultants King Sturge and DTZ.

The letting to CMEC, the Child Maintenance and Enforcement Commission, follows a £2.1m refurbishment by Wood Mitchell Building Group to bring the three-storey 60,000 sq ft offices up to Grade A specification.

Built in 1996, One Leeds City Office Park, which has 120 allocated car parking spaces, was acquired two and a half years ago by CB Richard Ellis Investors from British Gas Properties in a £19.5m deal.

Richard Thornton, head of office agency at the Leeds office of King Sturge, said: "This is a significant deal in the current market, securing government departmental use for a key city centre office building.

"While, due to the state of the wider economy, many professional and corporate occupiers are still very reluctant to relocate, the market is largely being underpinned by public sector requirements such as this.

"One Leeds City Office Park was particularly attractive because of its proximity to the railway station and green credentials which result from the refurbishment and are a pre-requisite for government occupiers.

Eamon Fox, office agency associate at joint agents DTZ, said: "This deal is a real shot in the arm for the Leeds city centre office market and represents almost 50% of the previous quarter’s take up."

The Leeds office of GVA Grimley acted for London-based Trillium, which was founded in 1997 and also operates in the private sector, in brokering the deal.

CB Richard Ellis Investors advises institutions and invests in commercial property worldwide and currently has £4.2bn of property assets in the UK, including several in Leeds.

Published with permisssion of TheBusinessDesk