Argent is the front runner in the race to redevelop the former Leeds Permanent building on The Headrow in the centre of Leeds, writes David Sands.
According to the developer’s joint chief executive, Peter Freeman, Argent has already secured an option to buy the nearby 110,000-sq ft (10,219m2) Dudley House from Norwich Union.
Leeds Permanent’s development brief – for 550,000 sq ft gross (51,000m2) of offices, plus some shops – includes Dudley House. Argent plans a 400,000-sq ft (37,160m2) scheme.
It is understood that two other developers and two private companies with institutional backing are also on the building society’s shortlist; an overseas concern is represented.
Freeman added: “We would start a speculative scheme: about 100,000 sq ft (9,290m2) is a refurbishment of a very impressive 1930s building.”
Adrian Horner of Weatherall Green & Smith, which is advising Leeds Permanent with Jones Lang Wootton, said a developer would be chosen in the next two weeks.
Meanwhile, the proposed merger of Leeds Permanent with Halifax has prompted speculation over where the new company would base its headquarters.
Historically, Halifax is based in the eponymous Yorkshire town and a spokesman said that the HQ of any new, merged firm would remain there. Leeds Permanent moved elsewhere in Leeds 18 months ago and Halifax said those offices would remain occupied.
But some local agents believe that a new headquarters should be in Leeds. Richard Smith of local agent Grenville Smith & Duncan commented: “If the two societies merge, the last place to have the headquarters of such a big firm is Halifax because Leeds is the financial capital of Yorkshire.”
- Royal London Mutual Insurance Society has got consent for a 100,000-sq ft (9,290m2) office scheme next to Leeds station. Royal London paid £3.9m to Curzon Manor (Leeds) in July for the site and lodged a revised application. DTZ Debenham Thorpe and Peter Lund & Partners are the letting agents.
