Prescient Capital has agreed a £27m funding package from BGO for its speculative grade-A office development at 31 Wellington Street in Leeds.
The building is set to complete
The £60m development will replace Wellington Plaza, which has already been demolished, and will comprise 80,000 sq ft of workspace when complete.
Prescient director Doug Friend called the finance package “a very big deal for us”, adding that the “backing of BGO is a massive vote of confidence in the city of Leeds and in 31 Wellington Street itself”.
“We are very proud to have sourced a partner to fund a completely speculative office development in Leeds,” he said.
He added that they had seen strong interest in at least two floors of the nine-storey scheme, while his own firm has taken one of the ground-floor units in the building.
Work has already started on site, and the building is expected to be ready for occupation by the end of next year.
Eamon Fox, office agency partner and head of global property consultancy Knight Frank’s Leeds office, who is advising Prescient Capital, said the scheme would be a “game-changer for the Leeds office market”, with the consultancy quoting record headline rents of £55/sq ft.
“It is not surprising that we are already experiencing a high level of interest in this super-prime building, as it is the only new building onsite scheme with live construction and certainty of delivery for 2027.”
Jim Blakemore, global head of debt at BGO, added: “We’re pleased to be supporting Prescient in their delivery of this best-in-class office development in Leeds.
“This investment is in keeping with our thesis of lending against high-quality office assets in supply-constrained markets with known tenant demand, and we look forward to following the development progress.”
Knight Frank, Fox Lloyd Jones and AC7 have been appointed to market the building.
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