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£200m contribution from redeveloped facility

11 April 2019

Publication of a study on commercial property Wellington Place in Leeds shows that its renovation has delivered total economic value of £200m to date.

Published today, the study examines both the social and economic impact of the facility, which was previously operated as a "low-grade retail park", according to the announcement.

The report shows that the site has played an important role in through its contributions to the local economy.

This includes the creation of more than 300 construction roles and has facilitated 100 apprenticeship placements and included over £180m in contractor and subcontractor spend in the city.

Following its refurbishment, the facility now offers over 800,000 sq ft of office and leisure space, including bars, restaurants, shops and gyms, with public space a welcome addition.

According to today's report, the development is regarded as the best business location in Leeds due to the onsite amenities and workplace wellbeing activity, supported by a £1.7m investment in occupier events and benefits.

It is also credited with encouraging additional regeneration in the area and helping to reconnect the city centre with surrounding areas.

Take up of the commercial space is currently running at 94%, with buildings 4, 7 and 8 still under construction.

A total of 72% of the total floorspace has been pre-let, with the current 4,800 employees on site expected to exceed 11,000 when HMRC and NHS Digital staff relocate to the new regional Government Hub onsite.

The development shows the value of investing in existing facilities to provide a new lease of life and make them more attractive to clients in all areas.

In order to provide more recognition of the benefits achieved and made available, the PFM Partnership Awards has introduced the Partners in Renovation category this year, with a deadline of 15 May for entry, see more information at www.pfmawards.co.uk/categories


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