Leeds £50M office scheme gets green light

Posted on 31 October 2023

In a collaborative effort, Asset Capital and Prescient Capital successfully acquired Wellington Plaza, a prominent office building from the 1980s located on Wellington Street, just last year. This strategic partnership has recently confirmed its ambitious plan to embark on a comprehensive development project for the expansive 77,000-square-foot office space, with construction set to commence in the early months of 2024.

This bold initiative to revitalise Wellington Plaza stands as a pivotal transformation, given that it is one of the last remaining independent gateway sites in the heart of Leeds's bustling West End business district. It represents the only development of such magnitude and significance scheduled to commence construction in the city centre during the upcoming year.

The approved architectural plans, meticulously crafted by the accomplished team at DLA Architecture in Leeds, outlined a strategy for the project. The strategy involves preserving the existing four-story office building frame while ingeniously incorporating an additional four floors above. This expansion not only maximises the available space but also ensures that the building will meet the evolving needs of the business community.

The mechanical and electrical design aspects of this project are being skillfully overseen by the highly-regarded Bradford consultant, Thornley Lumb. The collective vision behind this development is to create a modern, dynamic, and sustainable office space that caters to the contemporary demands of businesses in Leeds's thriving West End.

With its strategic location and well-conceived design, the Wellington Plaza revitalization project promises to be a significant addition to the city's evolving business landscape.

The outside of the building is being completely changed to fit in with the local area and meet specific environmental and sustainability goals. This includes things like getting top ratings for being eco-friendly and having great social and governance standards. Inside the building, there will be shared spaces like a big rooftop area, a cosy lounge with a view, and a place for business activities.

Daniel Newett, CEO at Asset Capital, the developer, said: “We are delighted to secure planning consent to redevelop this important building in Leeds city centre that has lain vacant for some time now.

“We are very much repurposing an existing building, in line with our commitment to reducing our carbon footprint, to provide an inspirational, collaborative, sustainable and futureproof working environment that is worthy of a leading European city for business.”

The transformation of Wellington Plaza, a joint venture by Asset Capital and Prescient Capital, represents a significant milestone in the heart of Leeds's West End. This bold endeavour aims to rejuvenate the 1980s-era office building, which was acquired just last year and is poised to become a symbol of modernisation and sustainability.

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