An "unloved" building in Leeds city centre left empty for years is set to undergo "major redevelopment" after being snapped up by new buyers.
Asset Capital and Prescient Capital have been handed the keys to Wellington Plaza after a "competitive, multi-stage" bidding war. The former HQ building, built in the 1980s, has been empty for years and, according to its new owners, is "one of the last remaining sites in the heart of Leeds' West End business district in need of redevelopment."
DLA Architecture has been tasked with drawing up plans to "transform" the building. Early designs suggest an increase in floor space from 21,000 square feet to provide around 65,000 square feet of prime, grade A office accommodation offering floorplates of around 10,000 square feet.
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The revamped building will offer "best-in-class workspace". Daniel Newett, CEO at Asset Capital, a private equity investor in multiple property backed deals, said: "We are very pleased to acquire this significant building, an unloved asset that has been vacant for many years.
"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 set to be submitted in November and the new owners hope the building will be fully finished by 2024. It is understood Wellington Plaza could be worth around £45 million once fully renovated.
Fox Lloyd Jones, strategic property advisors, have been appointed joint office leasing agents for the scheme alongside Cushman & Wakefield. Society Studios has been appointed as design and marketing consultants.
Nick Salkeld, at Fox Lloyd Jones, and Sam Jamieson, at Cushman & Wakefield, said in a joint statement: "We’re delighted to be part of the team working on this prestigious instruction, aiming to deliver a pioneering best in class scheme befitting of this prime city centre location. The building sits in a highly prominent position and presents a rare opportunity to deliver an iconic redevelopment to meet current day occupier demands focussing on exceptional levels of sustainability, amenity, and service."
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