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News Release

Leeds

Leeds office market boost: Queen Street project and Thorpe Park sale


3 February 2014 - Buoyant activity in the Leeds office market is being further boosted by the commencement today Monday [Feb 3] of a major new office development in the central business district.

Work has started on 21 Queen Street in the city’s prime office hub by developer, investment and asset management business Formal Investments. The news follows an upbeat assessment of the city’s office market by the Leeds Office Agents’ Forum (LOAF). It found a surge in occupier demand for office space in Leeds city centre and out of town last year resulted in the best take-up figures for more than 15 years*.

Formal Investments is providing several million pounds to transform 21 Queen Street. Two floors are being added to create a total of 37,491 sq ft of Grade A office space.  The developer has appointed Clegg Construction as contractor, with 21 Queen Street to be available for occupation following the August completion of an extensive redevelopment and refurbishment programme.
21 Queen Street has been designed to exceed the expectations of the modern office occupier; boasting a superior high quality specification, sustainable green credentials and flexible, efficient floor plates from 5,361 sq ft upwards.
The inclusion of full height glass to the front elevation will give a sense of space and light‚ using argon filled panes to reduce solar gain. The mechanical & electrical specification will minimise both the building’s carbon footprint and running costs.


Commenting on the surge identified by LOAF, joint letting agent Richard Thornton of Jones Lang LaSalle said: “JLL and CBRE forecast this trend in take up will continue in 2014; the only limiting factor for the market being the shortage of Grade A space in the traditional prime core capable of accommodating 20,000-30,000 square foot requirements.

“Without doubt, 21 Queen Street is really well placed to fill this gap in the market. Formal Investments could not have timed it better.”

Clegg Construction business development manager John Dixon said: “21 Queen Street highlights a confidence in the future of Leeds office space. After years of little or no speculative commercial development it is great to see the new belief in the city.”

Nicholas King, director of Formal Investments, said: “We are delighted to be transforming 21 Queen Street. It will give Leeds a wonderful new centre for business. We’ve had great success with similar projects in other cities and are confident that 21 Queen Street will emulate that success.

Further information about the project is available at http://21queenstreet.co.uk/