Transformed from a low-grade retail park to a multi-million-pound commercial property development, Wellington Place has contributed a total economic value (GVA) of £200m, according to a newly published study.
An in-depth report on the social and economic impact of Wellington Place on the region has been launched today and highlights the pivotal role the development has played in the success of Leeds, creating over 300 construction jobs, facilitating 100 apprenticeship placements and – to date – accounting for over £180m in contractor and subcontractor spend in the city.
The site now offers in excess of 800,000 sq. ft. of office and leisure space, which includes bars, restaurants, shops and gyms, in addition to public space.
MEPC’s vision for Wellington Place, defined in collaboration with Leeds City Council in the mid-2000s, was to create a development which celebrates the historic lifting tower on site while providing new high-quality public space to link the City Centre with the West End.
The development has also encouraged urban regeneration beyond the boundaries of Wellington Place, helping to reconnect Leeds City Centre with its surrounding areas.
There are now currently over 4,800 employees working at Wellington Place, which is expected to rise to over 11,000 when the new regional Government Hub opens, welcoming HMRC and NHS Digital staff from across the region. This building broke the record for the largest ever pre-let in Leeds at 378,000 sq. ft, and the addition of 6,000 civil servants to the development.
James Dipple, chief executive of MEPC, said: “Right from the offset, we were committed to creating something incredibly special in the City Centre of Leeds – a people first development that was designed in such a way that it actively encouraged its own culture and community.
“We’ve been true to our word as the development has expanded, retaining outdoor spaces, being sustainably minded and looking after our customers. We’re now halfway through our masterplan and the results of our hard work and commitment to our beliefs has delivered something we can all be extremely proud of.
“The social and economic impact report launched today helps to quantify everything we have achieved to date and it’s an honour to share this with the people that have helped us to get to where we are today. We’re looking forward to even more success in the future as Wellington Place continues to grow and support Leeds’ ambition of being the most prominent city in the north.”
Number 7 & 8 Wellington Place is due to for completion at the end 2019. Number 4 Wellington Place is also under construction and will offer 156,000 sq. ft of Grade A office, retail and leisure space when it opens in 2020.
Source: PBC Today