September 30, 2020
Planning approved at 12 King Street
Fiera Real Estate and Opus North are delighted to announce that full planning permission has been granted for the landmark redevelopment of Kings Court, Leeds. The property, which occupies a prime position in the heart of Leeds’ CBD, was acquired in January 2020 on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE GIP”).
The scheme will be speculatively built and deliver 54,500 sq ft of super-prime office accommodation in Autumn 2021. The transformation includes a striking new façade, a state-of-the-art cycle spa and two new floors boasting an unrivalled communal sky lounge with extensive roof terraces.
The building has been carefully designed by DLA Design with the tomorrow’s occupier in mind, boasting cutting-edge ‘smart’ building technology alongside market leading sustainability and well-being features credentials.
This is an important project for the Leeds market where Grade A office availability is severely constrained with less than 0.4 years supply whilst demand remains strong with over 350,000 of named demand. Knight Frank and Fox Lloyd Jones are retained letting agents for the scheme.
Chris Button, Head of Value Add REIM at Fiera Real Estate commented: “We are delighted to be progressing this project, which will undoubtedly be one of the premier offices in Leeds. Our central investment thesis is to create best in class buildings in markets with strong fundamentals, which is more important now than ever. In a rapidly evolving office market, we have designed a technologically and environmentally resilient building whilst creating an inspirational environment to foster collaboration and innovation.”
Ryan Unsworth, Development Director at Opus North commented “We are very pleased to have been given the go-ahead for this exciting project, which will bring much needed high-spec office accommodation to the city. This project is currently the only Grade A office regeneration project being undertaken in Leeds, and is a great achievement given the unprecedented times we find ourselves in. We are delighted to bring some new life to the city centre and look forward to commencing the on-site works shortly”.