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Wellington Place’s multi-million pound impact on Yorkshire

Transformed from a low-grade retail park to a multi-million-pound commercial property development, Wellington Place is now one of the most successful City Centre regeneration projects in the UK and has to date contributed a total economic value (GVA) of £200 million, according to a newly published independent study.

The in-depth report on the social and economic impact of Wellington Place on the region 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 £180 million 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.

Developer and asset manager, 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. True to its vision, the development has earned itself a reputation for being the best place to be do business in Leeds, offering exemplary onsite amenities and being a hub of workplace wellbeing activity – the latter supported by a £1.7 million investment on its occupier events and benefits programme. The development has also encouraged urban regeneration beyond the boundaries of Wellington Place, helping to reconnect Leeds City Centre with its surrounding areas.

Wellington Place is now home to some of the city’s most prominent businesses including Sky Betting & Gaming, Equifax, Irwin Mitchell, Willis Towers Watson, Ward Hadaway, Mazars and Shulmans. This is in addition to a thriving retailer and leisure presence which includes Sainsburys, Veeno, Sociable Folk, The Good Luck Club, Caffe Nero and L1 Performance.

Since the completion of the first phases of the development, take up of commercial space at Wellington Place has been very strong, 94 per cent of the total development completed to date has been let, while 72 per cent of the total floorspace currently under construction (buildings 4, 7 and 8 Wellington Place) is already pre-let.

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.

Once buildings 7, 8 and 4 Wellington Place are fully occupied, a staggering one in 10 jobs in central Leeds will be based at Wellington Place.

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 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.”

 

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