Yorkshire Water to irrigate Leeds scheme

PROPERTY WEEK

13.11.09
By Jennifer Rigby

Water company in talks to move as other lettings progress

A water company is in talks to sign for 55,000 sq ft at Leeds’ Clarence Dock scheme in the city’s biggest office letting this year.

It is thought that Yorkshire Water is in talks to take more than two-thirds of GE Capital Real Estate’s Livingstone House office property at Clarence Dock. The quoting rent is £19.50/sq ft.

Yorkshire Water will relocate staff from several other buildings in the area.

If the letting goes ahead, it would mark a renewed sense of optimism in the Leeds city centre office market.

It would also be a valuable letting for Crosby Lend Lease’s wider £260m Clarence Dock retail and leisure-led scheme, which had faced criticism that it was too far from the traditional city core to attract occupiers.

The market has also been lifted by Leeds City Council’s progress in narrowing down its search for a new premises. It is expected to draw up a shortlist this week that includes IVG and BAM Properties’ Latitude, Deltalord’s the Mint and Highcross’s Broad Gate.

It will decide in February next year and has indicated that it prefers to buy the properties rather than rent. The council originally wanted to develop its own building on a regeneration site, but has instead focused on constructed developments as a result of its tight timeframe.
The NHS, a large-scale occupier in Leeds, is also looking for 30,000 sq ft.

At Clarence Dock, WSB Property Consultants and CB Richard Ellis are the joint letting agents; Ryden advises Yorkshire Water. All parties declined to comment.