Embankment letting shows demand for revamped space
THE BUSINESS DESK.COM
24 JUNE 2010
By Ian Briggs - Deputy Editor - Yorkshire
THE lack of available smaller new office space in city centres is proving beneficial for owners of older buildings, according to national commercial property consultancy Lambert Smith Hampton (LSH).
The message comes as agents at LSH and DTZ have secured another new tenant at No 2 The Embankment in Leeds, as leading UK chemical distributor, Surfachem represented by WSB Property Consultants, prepares to relocate from its existing accommodation in the city centre to an 8,400 sq ft suite within the building.
Landlord KeyLand Developments, the property development business of Kelda Group, has significantly upgraded the building to create modern open-plan offices, with further works being undertaken to the common areas, to create a renovated entrance and reception area.
Michelle Briggs, of Surfachem, said: “Our relocation from Wellington Street to No 2 The Embankment will provide us with a high-quality riverside address within Leeds city centre, bespoke to our requirements. It will also provide us with additional space for future expansion.”
Adam Varley, head of office agency at LSH Leeds, said: “It’s not just the financial aspect that is driving businesses to choose refurbished space over new; the lack of available new space is also a key factor.
"KeyLand Developments is purposely refurbishing the common areas at No 2 The Embankment to improve the overall presence and sense of arrival into the building.
"In doing so, they are appealing to a diverse range of occupiers, giving them access to some of the highest quality office space in the city centre at a highly competitive price, while at the same time demonstrating their confidence in the resilience of the Leeds market.”
Yorkshire specialist workplace improvement company Urban DNA developed the original concept design for the reception area for Keyland, to help attract new tenants to the building.
Leeds-based Urban DNA proposed a design for the second floor for Surfachem.
Urban DNA was also appointed by Keyland to refurbish the reception area of the building on an eight week design and build contract.
Managing director Nigel Sikora said: “Urban DNA were delighted to be appointed as design and build contractor for the new reception area at 2 The Embankment, our design and contracting team have also enjoyed working alongside Surfachem to help them realise their workplace goals.”
No 2 The Embankment is a grade A office building, already home to a number of occupiers including Grampian Foods, NIG, AWD, and Gregory Property Group.
The remaining space, comprising two suites of 2,439 sq ft and 3,300 sq ft, is available for immediate occupation.
Mr Varley added: “The size of space on offer sits within the most active sector of the Leeds city centre office market, with 85% of take-up for quarter one 2010 being made up of deals below 5,000 sq ft.
"As such, we feel confident that given the extensive works our client has undertaken to the building the space will be positively received by potential tenants and offers a viable alternative to new build and refurbished offices at a discounted rent to its competition."
