The Leeds office market is becoming like a wet sponge that can’t suck up anymore water, with take-up experiencing its highest levels since before the credit crunch. As a result, there is a distinct shortage of grade A commercial property in Leeds city centre. According to commercial real estate giant Colliers, only 7% is available, and is dropping.
With Leeds city centre crying out for more office space, Oakapple Commercial has answered the call, submitting plans to create 100,000sq ft of grade A office space. The Leeds-based developer has proposed to create seven floors of offices with a basement car park within a prominent building on Sweet Street, in Holbeck. If permission is granted, the scheme will require £30m investment.
The scheme has been designed to fit in with the Holbeck Urban Village Regeneration plan, which has succeeded in attracting occupiers such as Jet2 and Asda, and garnering contributions to improve the local environment and infrastructure.
The building on Sweet Street was purchased by Oakapple in 2006 as a strategic investment, which they now believe is ripe for development. Their chairman, Phil Taylor, said, “With demand increasing for the type of office space we wish to create, and Holbeck Urban Village becoming increasingly popular for businesses, we hope the planners will see the benefits our proposed development will bring to Leeds in general and the area in particular.”