PwC is close to signing Leeds’ largest office deal in over a year on a site formerly planned to be Europe’s tallest residential tower.
The accountancy firm is in advanced talks to take 55,000 sq ft at Roydhouse Properties’ speculative Central Square scheme on the site of the former Lumiere project, which is being developed by Marrico Asset Management.
The letting, likely to be on a 15- to 20-year lease, is expected to set a new benchmark rent of circa £27.50 per sq ft. The previous headline rent was £25 per sq ft.
The letting will be a welcome boost for the city, which saw take-up drop by 40% year-on-year in Q1, after a bumper 2013. Supply in Leeds currently stands at around 250,000 sq ft, according to Carter Jonas. Some 160,000 sq ft remains available at Central Square.
The last time a deal of this scale was signed in the city centre was Yorkshire Building Society’s signing of a 76,500 sq ft lease at Highcross’s Broad Gate in May 2013.
Other properties in the running for the high-profile PwC requirement were MEPC’s Wellington Place and Town Centre Securities’ Whitehall Riverside.
JLL advises on Central Square; PwC was unrepresented.
All parties declined to comment.
chris.berkin@estatesgazette.com
