£60m Leeds office scheme moves forward with funding secured

Prescient Capital has secured funding to deliver a new £60m Grade A office development in Leeds, bringing forward a major commercial scheme in the city’s West End.

The project, known as 31 Wellington Street, will replace the former Wellington Plaza building, which has now been demolished. The site sits directly opposite Wellington Place, within one of Leeds’ key business districts.

A £27m loan from BGO will support the delivery of the nine-storey development, which will provide approximately 80,000 sq ft of high-quality office space.

Construction is already underway, making it one of the few new-build office schemes in Leeds currently on site with a defined delivery timeline. The building is expected to complete by the end of next year.

The scheme is being developed on a speculative basis, reflecting continued confidence in Leeds’ office market and demand for modern, well-located workspace. Early interest has already been reported, with discussions underway for at least two floors, while Prescient Capital is set to occupy part of the ground floor.

The development comes amid a well-documented shortage of Grade A office space in the city, with rents at 31 Wellington Street quoted at around £55 per sq ft.

Positioned in the heart of the West End, the scheme is expected to further strengthen Leeds’ commercial core, benefitting from proximity to major employers, transport links and amenities.

Agents Knight Frank, Fox Lloyd Jones and AC7 have been appointed to market the building, with floorplates available from 3,000 sq ft.