Cover 30/8/13 14:18 Page 1**erica **Macintosh HD:private:var:tmp:folders.504:TemporaryItems: Location AN INSIDER GUIDE TO INVESTING IN THE CITY

Sponsored by

Introduction Mojo rising

Having attracted investments totalling £6bn while all others hid from the economic storm, “something special” is happening in Leeds…

LEEDS LANDMARKS

SPRING 2013 – OPENS Costing £350m, the 1 million sq ft shopping centre has transformed Leeds’ retail fortunes.

SUMMER 2013 – ARENA OPENS The £60m performance venue seats 13,500 people and is expected to attract more than one million visitors a year.

AUTUMN 2013 The Rugby League World Cup hits our shores and Leeds is one of the host cities. Leeds has been showered in plaudits city that has a new shopping centre, ABOVE in recent years and recognised as music venue, speculative office TRINITY LAUNCH SUMMER 2014 one of Europe’s leading business space and a major sporting event – Leeds is hosting the Grand Depart destinations. And if you’re looking the Grand Depart of the Tour de of the Tour de France, generating for solid proof of the city’s potential, France,” he says. “That’s something an estimated £100m for the local other business leaders have very special.” economy. already committed £6bn to invest- With investments in ultra-fast ment projects. broadband and data centres, the 2014 – WORK STARTS ON The biggest vote of confidence in airport and a new mass urban transit VICTORIA GATE the city came from Land Securities, system – and money being spent on Hammerson will begin work on its which spent £350m building Trinity skills, innovation and collaboration – retail scheme, featuring John Lewis Leeds, a one million sq ft shopping Leeds is continually working to and a super casino. and leisure centre in the heart of improve its offer. Leeds. Its faith has been repaid as Factor in its location, financial 2015 an array of global brands have and professional expertise and a Two new office developments, flocked to the scheme, as well as number of burgeoning sectors such 60,000 sq ft on Sovereign Street and more than 2.7 million visitors in the as healthcare bioengineering, medical 30,000 sq ft at Wellington Place, will welcome their new tenants. first month. technology and digital, and it’s hard The £60m has to say no to Leeds. also opened. It kicked off the cele- Town Centre Securities is already 2016 brations in style when a capacity planning to build three more office Work will begin on the £250m New Generation Transport project, which crowd turned out to watch Bruce developments. Property director will create a new Trolleybus network Springsteen play the opening gig. Richard Lewis says: “Leeds is growing connecting Leeds. MEPC is also back building at when so many others are going Wellington Place, a 2.6 million sq ft backwards. Confidence is rapidly 2019 development in the city centre, picking up and we are seeing that The £500m Northern Hub railway having secured a pre-let deal and is in tenant demand – the real test.” plan will be completed, improving fielding seven live enquiries for further While there is much to be done, train travel across the north of space. Chief executive Rick De Blaby De Blaby is confident that Leeds will . is brimming with confidence about succeed, saying: “We are fighting the city’s prospects, saying “Leeds for occupiers, but our offer is 2032 has got its mojo back”. compelling. Others can try to The first high-speed rail network “There is something going on in compete, but we get up earlier trains will begin rolling into Leeds, this city again. Name me another and we keep our edge.” costing an eye-watering £40bn.

Location: Leeds 3 SMALL OFFICES - NOT SERVICED OFFICES

IMPROVEMENTS TO SQUARE ON SITE

* Big Building Specification from 1,000 - 2,460 sq ft *Per Floor

• Comprehensive internal & external refurbishment Fifth Floor: Liberty Mutual • Modern reception with video entrance system Fourth Floor: 2,460 sq ft Third Floor: 2,460 sq ft • Stores & bicycle racks at basement level Second Floor: 2,460 sq ft • Contemporary designed toilets & common parts First Floor: 1,000 sq ft • New 13 person lift Ground Floor: 1,085 sq ft Retail • Comfort Cooling TENANTS INCLUDE: Directorbank, • Prominent City Centre location Liberty Mutual & Costa Coffee • Club quality changing rooms A Development By: Further Enquiries: • BREEAM Very Good

www.2bondcourt.co.uk www.wiltondevelopments.co.uk KEY SECTORS The finance factor

Leeds has a strong heritage in financial and , with thousands employed by banks, building societies, accountancy and law firms. Now city leaders plan to grow the sector further

Financial and professional services are the backbone of the Leeds city region economy, playing a critical role in the job market and boosting take-up of office space. The region is home to three of the UK’s five largest mutuals in Leeds, Skipton and Building Societies. The appeal of these lenders is growing as con- sumers seek trusted brands for financial advice and support after the banking crisis. Leeds is the largest legal centre outside and accommodates the global headquarters for a number of the top firms. Law firm DLA Piper’s global IT hub is in Leeds, while accountancy firm KPMG houses its UK heads for infrastructure, building and con- struction, private client, restructuring, transaction services and tax. KPMG will move to a 60,000 sq ft office building on Sovereign Street in 2015. According to TheCityUK, the ABOVE It was announced in July 2013 prime office space at a premium in financial and professional services KPMG’S NEW that a group of industry leaders the capital, and salaries consider- SOVEREIGN STREET sector in Leeds contributes £3.8bn OFFICE would come together to define ably higher, Leeds is well positioned of gross value added (GVA) to the Leeds’ qualities and set the city to accommodate certain functions. UK economy. apart globally. The steering group Lurene Joseph, chief executive of Now, strategic inward investment includes Leeds ’s Leeds and Partners, told Insider: organisation Leeds and Partners is chief executive Peter Hill and “We are not looking to take business developing a masterplan for financial BOTTOM LEFT lawyers Paula Dillon and Jonathan away from London, but we are and professional services, as part of LURENE JOSEPH Procter, among others. saying that London is overheated. its ambition to drive economic BOTTOM RIGHT The group has already opened Rather than moving elsewhere, growth in the city. PETER HILL talks about a establishing a pro- those companies should expand gramme for school-leavers, as it here. seeks to ensure that young talent “We want to work in a much remains in the city. more collaborative way with Dillon, a partner at Bond London. We don’t see ourselves as Dickinson, said: “Retaining the competing like-for-like with London talent pool in the city is essential but we feel we have a clear niche for securing our growth, but we through the talent of our people also need to ensure that we provide and the flexibility of our resources access for people wanting to enter to respond to their changing business the sector, who may be prevented models.” from doing so by financial or social Sustainable and well-regulated disadvantages.” growth in the UK Leeds has also identified an sector could generate 15,100 new opportunity to work with London- private sector roles in Yorkshire and based businesses to “near-shore” Humberside, according to a report some of their departments. With by accountancy firm PwC.

Location: Leeds 5 KEY SECTORS

Gary Shaw, financial services director, said: “Our financial services industry has a critical role to play in growing the economy, both in Yorkshire and across the whole of Leeds set for the UK. “In Yorkshire, the existence of one of the largest financial services sectors outside London, with a strong focus med-tech on and building societies, clearly highlights our ability to attract high-quality players and that investment we are ‘open for business’. We need to maintain this momentum and With an innovative approach to using patient data, showcase these successes more.” He adds: “The links between the Leeds is aiming to become a world leader in the financial services sector and other development of medical technology sectors are also strong. A well-func- tioning industry not only provides credit but creates demand in other sectors, helps to improve the flow of capital and, as our report shows, can also act as a multiplier effect, with the potential to create more than 15,000 private sector jobs across Yorkshire and Humberside alone.” As the professional services industry consolidates, a number of mergers and acquisitions have taken place involving mid-sized accountancy and law firms in Yorkshire. In some cases, companies have moved their entire operations to Leeds to be part of the vibrant business advisory hub. Law firm Dickinson Dees is a case in point, having moved from York to Leeds, before completing a successful merger with Bond Pearce. Education Leeds is emerging as a global ABOVE more than £100bn of healthcare provider The University of Law is PATIENT DATA IS spending a year. The three centre of excellence in medical AT THE HEART OF also upping sticks from York to Leeds technology, as city region leaders THE STRATEGY universities in Leeds are home to in September 2014. look to create a hub that will wide-ranging medical, dental and Robin Smith, former senior partner attract international investors health faculties. of DLA Piper and former chairman and create jobs. There is a rich manufacturing of and The healthcare “eco-system” tradition and capability in Leeds Yorkshire County Cricket Club, said brings together private, public with medical device companies of the move: “Its presence in the city and third sector bodies. Leeds such as Depuy and Surgical will add real value to the renaissance Teaching Hospitals NHS Trust Innovations. It also has an that’s taking place in the professional is the largest in the UK, treating impressive range of technology services sector in Leeds and the a million patients a year. Leeds is BOTTOM providers, such as EMIS, TPP and business community in general. also the headquarters to NHS MEDICAL DEVICE Tunstall, which are helping the MANUFACTURING It’s vital to our success that we England, which is responsible for WILL BE KEY NHS to evolve and save money. retain and attract the best talent With the international market in the city.” for healthcare valued at $4trn, Leeds has teamed up with to attract overseas investment 15,000 by sending joint delegations to top The number of international conferences. When you take all this into private sector jobs account, it becomes clear that that could be created Leeds has a big role to play in the by the financial future of healthcare delivery. City leaders hope that international services sector in companies will use Leeds as a base Yorkshire & Humber to research, manufacture and trial products.

6 Location: Leeds Striking City Centre HQ Offi ce Building

A Development By Letting Agent

Grade A Offi ces AVAILABLE 2014 [email protected] OFFICES In good company…

With growing demand, prime sites and great links, Leeds is gearing up to deliver the next generation of industrial buildings

If proof was needed of what Leeds can offer your business, you only have to look at the influx of big names into the city this year. Leeds is racing out of the recession and has recorded record take-up this year with almost 500,000 sq ft of office space snapped up in the first six months. The city has already welcomed Yorkshire Building Society, the Dart Group and CapGemini, and is courting 300,000 sq ft of requirements from ABOVE BSkyB and some international law TORONTO SQUARE AVAILABLE NOW… firms. The Leeds Office Agents’ ABOVE RIGHT 500,000 sq ft Forum says take-up is the highest BROAD GATE BROAD GATE since records began and it is confident A high-quality development on The amount of of the trend continuing. The Headrow with huge floor office space Roddy Morrison, a director at plates and an impressive central Colliers International, is behind two atrium. Tenants include the snapped up in the of the biggest deals so far this year Yorkshire Building Society and first six months of and said 2013 had been “incredible”. CapGemini. 2013 – a record He adds: “I think this will be a phe- Available space: 30,000 sq ft level of take-up nomenal year and I’m confident demand will continue and the grade TORONTO SQUARE recorded in Leeds’ A space will be taken. Businesses A grade A refurbishment project city centre office can be confident here and that in the heart of the city, just seconds market this year means the demand will continue.” from the station. Existing tenants Leeds still has a range of high- include Hiscox and CBRE. quality spaces to cater for the Available space: 25,000 sq ft growing demand, but is well placed to provide the next generation of LEEDS CITY OFFICE PARK Affectionately known as “The Dalek”, office buildings at a number of A unique development set within Bridgewater Place is Leeds’ most “oven ready” sites around the city. its own landscaped grounds, iconic structure and towers over Listed below are some of the key yet within easy reach of the city the city. It is home to GHD, EY and developments that are ready now centre. Other park tenants include Eversheds. and those that will be welcoming BELOW British Gas. Available space: 28,000 sq ft their first tenants in the near future. 1 CITY SQUARE Available space: 8,000 sq ft CITY POINT 1 CITY SQUARE One of Leeds most prominent One of the most desirable locations buildings, City Point has just in Leeds, overlooking the centre completed a major refurbishment of the city. Other tenants include programme. Tenants include Jones Deloitte and UBS. Lang LaSalle and HSBC. Available space: 10,000 sq ft Available space: 22,300 sq ft

WHITEHALL II NO 1 LEEDS In the heart of the business district, Claiming to be “the best office Whitehall II is a striking six-storey space in the city”, No 1 Leeds has office development off Wellington proved to be extremely popular Street. Other tenants include RBS with most of the 120,000 sq ft and Baker Tilly. being snapped up in 2013. Available space: 24,000 sq ft Available space: 8,000 sq ft

8 Location: Leeds Delivering an outstanding new urban quarter for Leeds

Wellington Place offers a perfect location for business. ■ Superb city centre location With flexible office space to let, we can accommodate ■ Excellent transport links every kind of organisation on the most flexible terms. ■ Wide choice of accommodation ■ Inviting public spaces and stylish leisure and social Safe and attractive environment ■ Strong sense of community amenities add to the environment, creating somewhere ■ Dedicated on-site management that everyone can enjoy. To join our award winning business community, call 0113 389 9830. www.wellingtonplace.co.uk OFFICES

1 WHITEHALL RIVERSIDE LEFT PARK ROW HOUSE A prestigious waterside development PINNACLE A top-quality refurbishment of a

that is situated alongside key MIDDLE Grade II listed building on Park Row development land in the legal and NO 1 LEEDS in the heart of Leeds. Spanning five professional quarter. Existing tenants floors, the building offers 40,000 RIGHT include Grant Thornton and Bond 2 BOND COURT sq ft of space. Dickinson. Available space: 6,000 sq ft Available space: 35,000 sq ft CITY EXCHANGE 2 BOND COURT Towering over the new Trinity Leeds PINNACLE A refurbished retail and office shopping centre, the building has Newly refurbished and one of development in the centre of the panoramic views over the city and is Leeds’ most imposing buildings, business district that provides situated between the retail district Pinnacle offers high spec offices large office quality and amenities and the commercial core. over 19 floors in the retail quarter. for small occupiers. Available space: 26,000 sq ft Available space: 29,000 sq ft Available space: 10,000 sq ft

1 CITY WALK 8 PARK ROW ST JOHN’S OFFICE A six-storey development in a Fully refurbished office development A refurbished grade A office burgeoning quarter of the city and in the heart of the business district scheme above the St John’s located at the southern gateway to which fronts on to Park Row, con- Shopping Centre on Albion Street. the centre. necting the station to The Headrow. Home to William Hill and the NSPCC. Available space: 19,000 sq ft Available space: 22,000 sq ft Available space: 32,000 sq ft

Ρ̩ϟѥѥՕ΢Ҍѻѻϟ΢՘ϟω Օ{ϟѻ՘ԜϟՕҌϼЀ΢ϟԧՕϼԜҌѲՕוΡ{р՘ ԧԌԃϼ՘ԃװװװՕпՕҘЁφװՕ ҘЁ ՕԜϟϼոԜΕрԧжϟωוΡȩϟׇѥ ΢ϟѥѥϟѻ՘Օ΢ͬԜՕӹͬԜљрѻВגΡÒ ϟՕ՘ϟԜѲԧ׃Ρ{ҌѲӹϟ՘р՘р

A Development by: Inspiring business space www.josephswell.com 0113 2717 221

10 Location: Leeds OFFICES

MINERVA HOUSE A landmark building on East Parade in the city centre that is currently undergoing a £5m refurbishment. Current tenants include the Sports Council and Iliad Solutions. ABOVE LEFT Available space: 30,000 sq ft LEEDS VALLEY PARK INDIGO BLU WHITE ROSE OFFICE PARK A new development close to the Boldly claiming that “one day, all THE GATEWAY MIDDLE old Tetley’s Brewery site that business parks will be built like TOWER WORKS A mixed-use development to the incorporates residential and office this”, the development has tenants east of the city centre that features ABOVE RIGHT space. including 02, Depuy and HSBC. DAY FINAL high-quality office accommodation Available space: 10,500 sq ft It also has plans for 30,000 sq ft with leisure and hotels. of new office space. Available space: 31,000 sq ft JOSEPH’S WELL Available space: 6,600 sq ft A huge converted textile mill to 10 SOUTH PARADE the west of the city centre that LEEDS VALLEY PARK A big vote of confidence in Leeds as features more than 130,000 A prestigious office park with strong this grade A refurbishment was sq ft of office space and has infrastructure links that has already tackled at the height of the recession been extensively refurbished in the attracted high-profile tenants and proved to be a hit with tenants past few months. including Arla Foods, BAE Systems such as PKF and Lockton. Available space: 44,000 sq ft and Ventura. Available space: 5,700 sq ft Available space: 128,000 sq ft TOWER WORKS THE MINT A number of agencies united to A popular and large grade A save this historic structure from development at the southern gateway becoming a relic of the past and £110m to the city that has generated quite it now features state-of-the-art a few deals recently. Tenants include space in the heart of the digital The cost of the Dart Group and . quarter of the city. first phase of the Available space: 6,500 sq ft Available space: 6,500 sq ft Victoria Gate scheme, which will WEST ONE GELDERD POINT A huge office development by An out-of-town office development begin next year and Bruntwood that caters for every BOTTOM LEFT comprising three floors that offers JOHN LEWIS AT will feature John taste and offers more than 135,000 VICTORIA GATE high-quality accommodation just Lewis and a super sq ft of space over two connected a few minutes drive from the BOTTOM LEFT casino buildings in the West End. WHITE ROSE OFFICE city centre. Available space: 25,000 sq ft PARK Available space: 20,000 sq ft

Location: Leeds 11 MINERVA 29 East Parade, Leeds LS1

3G31/B167<50@33/; µ3F13::3/13

Situated right in the heart of Leeds’ professional district within LHMTSDRV@KJNE+DDCR"HSX3Q@HM2S@SHNM ,HMDQU@VHKKNƤDQNBBTOHDQR an unrivalled address and working environment. The building is presently undergoing an extensive £5m redevelopment programme SNBQD@SDDWBDOSHNM@KMDVNƧBD@BBNLLNC@SHNM /G@RD(VHKKCDKHUDQ ƦNNQRENQNBBTO@SHNMHM0OQNUHCHMFTOSN RPES 6HSGƦDWHAKDƦNNQOK@SDR @RSTMMHMFMDVQDBDOSHNM FQD@S@LDMHSHDR BKNRDAX@MC@ODQEDBSKNB@SHNMENQBNLLTSDQKHMJR,HMDQU@NƤDQRSGD discerning occupier the wise choice for their business.

A development by

;7<3@D/:332A1=C9 www.evanspropertygroup.com OFFICES

21 QUEEN STREET Work has already begun on this refurbishment at the west end of the business district and will feature two new floors in a striking structure on top of the building. When it is completed, the development will feature 40,000 sq ft of office space.

KIRKSTALL FORGE Developers are planning to build three grade A offices totalling IN THE PIPELINE… ABOVE LEFT CENTRAL SQUARE 300,000 sq ft at this mixed-use WELLINGTON PLACE Lessons have been learnt from the scheme to the west of the city. The WELLINGTON PLACE ABOVE RIGHT collapse of the development will also benefit from The largest “oven-ready” site in Leeds CITY HOUSE plans on this Wellington Street site a rail connection as part of the with permission to develop 2.3 million and the new owner has plans for Northern Hub project. sq ft of space. Developer MEPC is an “iconic” structure that will offer back building a 30,000 sq ft office 200,000 sq ft of office space. WHITEHALL PLAZA development and is talking about This 50,000 sq ft grade A office speculatively developing another. CITY SQUARE HOUSE development is in the heart of the Located on a prime piece of land West End and is adjacent to the NEW DOCK alongside the station, this 14-storey MEPC and Town Centre Securities Formerly known as Clarence Dock, development will provide 170,000 sq development sites. This part of the retail, leisure and residential ft of office space. Rumours are rife Leeds will soon be transformed into development has remained largely that work will soon begin as a the heart of the office sector and empty. Allied London is now aiming leading law firm is on the brink of the development already has a to breathe life into the scheme by agreeing to take 90,000 sq ft. pre-let agreement for a 130-bed creating office spaces for start-ups Premier Inn Hotel. and companies in the digital and SOVEREIGN STREET creative community. A unique deal between the JUNCTION 47 M1 council, occupier KPMG and devel- A proposed office development WHITEHALL RIVERSIDE oper Muse has cleared the way for that will offer potential occupiers Town Centre Securities has returned work to begin on this 60,000 sq ft up to four acres of space. to its prestigious location with plans office block and it is set to be This development is all about for three eight-storey office blocks, completed in 2015. The adjacent site infrastructure and is located at the a multi-storey car park and leisure has potential for a 150,000 sq ft intersection of the A1 and M1. provision. An adjacent site has been development and the council is It also benefits from rail links in sold to Marshalls with a Premier Inn seeking new partners. . Just minutes from Leeds, pre-let and permission for 50,000 the site is easily accessible from sq ft of offices below. CITY HOUSE across the region. Bruntwood has been granted LATITUDE BLUE permission to refurbish this The 116,000 sq ft development will landmark building, creating a be located behind No 1 Leeds on 130,000 sq ft office development Whitehall Road and is now looking draped in glass and towering over likely to get approval when a pre-let BOTTOM LEFT the station at the centre of the city. is secured following the recent CITY SQUARE It’s possibly the best-located office success of its sister building in BOTTOM RIGHT in the city and Bruntwood is seeking attracting tenants. CENTRAL SQUARE a pre-let to get work under way.

Location: Leeds 13 INDUSTRIAL Industrial action

With growing demand, prime sites and great links, Leeds is gearing up to deliver the next generation of industrial buildings

generation of industrial premises. There are a range of potential sites across the city, but the jewel in the crown is the Aire Valley enterprise zone. Located on a link road to the M1 to the east of the city, the 142 hectare enterprise zone has consents in place for large-scale manufacturing, distribution and offices and offers all sorts of incentives, including business rate relief, simplified planning rules and high-speed broadband. Philip Caspell, from industrial property developer Towngate, agrees that refurbished premises will be the route most people will take, but says speculative building in Leeds is becoming an attractive prospect again. While admitting the market remains challenging, Caspell argues While the office and retail sector in that the quality of enquiries is Leeds is enjoying a post-recession 15 years improving and there is positivity revival, the industrial sector is in the market as the appetite for riding even higher with continued The length of term action grows among occupiers. strong activity. required to get He adds: “There is strong With good infrastructure links demand for well-located and well- and a rich, diverse and experienced developments away refurbished premises, but you still workforce, investors have been as the rents and need long leases to be able to snapping up high-quality space incentives available provide the quality space that across the city at an increasing rate to occupiers start clients want. and demand is still growing. “We are seeing a real shortage Commercial property agents say to harden of supply in the modern units and there’s such an upturn in live that’s where I expect speculative enquiries that they are confident development to happen as demand speculatively built units and quality find quality space will fuel a new BELOW grows. It is becoming an attractive refurbishments will quickly let. generation of design-and-build OVERLAND PARK option again.” The issue facing the sector now premises, and argues that the long is available space, as most grade A leases needed can be attractive buildings across Leeds have been with the right incentives. acquired or let. He says: “Terms of 15 years are Rob Whatmuff, director at now needed to get developments Lambert Smith Hampton, says the away and perception is a significant lack of space is driving a new issue. For most occupiers, their initial degree of urgency among occupiers: response is nervousness, but it does “Enquiries are becoming much more make sense. Rents and incentives active, because we don’t really have are hardening, the gap is closing the stock we need to accommodate and occupiers are realising they will the requirements.” have to pay more.” GVA director Rob Oliver says the The good news is that Leeds has growing pressure on occupiers to the land needed to build the next

14 Location: Leeds o One of the North of England’s leading commercial and industrial property providers

o Our property portfolio ranges in size from 500 - 300,000 sq ft

o Flexible deals offered

o Short-term storage available

WAREHOUSEoTRADE COUNTERoOFFICESoSTORAGEoPARKING

Talk to our team today Tel: 01484 715 635 or Email: [email protected] www.towngate.plc.uk A rare breed...

VTIWRIVWXQQLQJO\UHIXUELVKHG*UDGH$RI¿FHV

WROHWZLWKJHQHURXVFDUSDUNLQJJUHDWDPHQLWLHV and at the heart of .

... So pounce before it’s gone, it’s a price you can afford!

www.stjohnsoffices.co.uk Richard Thornton Adam Cockroft Richard Bean Eamon Fox