The asset management firm behind Central Square Leeds – the former site of the proposed Lumiere Project – are seeking Northern developments in which to invest with their “substantial financial backing” from a group of Yorkshire-based individuals.
Central Square is Marrico Asset Management’s first project since it was set up by former King Sturge development partner Mark Barnes, former JLL regional chairman Colin Fell, and former RBS banker Richard Bland.
Marrico submitted plans on behalf of Roydhouse Properties for the 225,000 sq ft Central Square office project, which is currently out to consultation.
Barnes said: “Marico Asset Management has substantial resources for investment and is looking for opportunities across the UK, but with emphasis in the North as their main investors are high-net-worth individuals from the North and Yorkshire. This includes development and investment opportunities in the office, retail, residential and industrial sectors.
“Our plans for Central Square will set a benchmark and make this square the best commercial building in Leeds, providing exclusive office space of the highest quality to blue chip companies who want to be in Leeds city centre.”
He added: “Leeds has witnessed a solid level of activity and the year-to-date volume of new office lettings is already 33% higher than the previous full-year total. Take-up has already substantially exceeded the five-year average of 380,000 sq ft and it is anticipated that year-end city centre volumes will be around 600,000 sq ft; potentially the highest level on record since 2000.
“The lack of grade-A office accommodation in Leeds together with general momentum in the UK economy, improved market sentiment and increasing occupier demand means office occupiers wanting large floorplates built to excellent environmental standards are looking at potential prelet opportunities.”
Subject to planning permission, work could start on site in summer 2014, with construction on Central Square completed by mid-2016.
chris.berkin@estatesgazette.com
