Fully Let at Speculative Enterprise Zone Development

Wilton Developments has secured a tenant for Connex 30, part of its £5 million speculative development at Thornes Farm in the Leeds City Region Enterprise Zone.

Perspex Distribution Ltd has taken a 10 year lease for the entire 30,225 sq ft (2,808 sq m) industrial/distribution unit, with ancillary office space, at £5.75 per sq ft.

Situated on a four acre site close to the East Leeds Link Road, in the heart of the Leeds Aire Valley Corridor, Connex 30 is part of the Connex 45 development where the adjacent 50,000 sq ft unit which was let to FedEx last year.

Jason Stowe from Wilton Developments said: “The first Connex Unit was let prior to completion at a strong rental level. This swift of the sister building reinforces Leeds City Council`s confidence that by delivering good quality speculative buildings in this location will attract strong occupier interest.”

Councillor Richard Lewis, Leeds City Council`s executive member for regeneration, transport and planning said: “It is fantastic that yet another new business has chosen to locate to the Leeds City Region Enterprise Zone, proving once again that the site is extremely well placed to attract new and growing businesses. This will create new jobs for Leeds and help us to continue our work with businesses to create a compassionate city with a strong economy.”

Roger Marsh OBE, Chair of Leeds City Region Enterprise Partnership (the LEP) added: “Over the last year, since it was named as one of the City Region`s Big Six investment opportunities, Leeds City Region Enterprise Zone has gone from strength to strength. I`m delighted that Perspex Distribution Ltd is joining a long list of businesses that are calling the Leeds City Region Enterprise Zone home and capitalising upon the opportunities it offers. Businesses locating there not only benefit from a range of incentives but also get access to the City Region`s talented workforce and the national motorway network.”

Wilton Developments will be bringing forward a further 83,000 sq ft in its Kinetic 45 development also within the Enterprise Zone later this year.

The Enterprise Zone offers a range of incentives to businesses, as well as superfast broadband of up to 100 MB and a bespoke package of recruitment and business support.

CBRE, Colliers and Langleys Solicitors acted for Wilton Developments.

Jacques Esterhuizen of CBRE said: “As a result of strengthening demand and falling supply, the Leeds and West Yorkshire market has finally moved into the developers` favour. In particular, Leeds has a shortage across all size ranges with limited good quality options available. The Connex scheme is testament to this and the lettings to FedEx and Perspex have reinforced Wilton`s decision to speculatively build these units.”

42-44 Fountain Street Gets `Best in Class` Investment

Wilton Developments is set to commence on the £2.7million refurbishment of the former Spring House, which sits in the heart of Manchester`s Central Business District at 42-44 Fountain Street.

Wilton Developments acquired the seven-storey, 26,000 sq ft building in 2011, on behalf of an in-house client, when it was occupied by AXA Insurance. Subsequently, planning permission has been secured to redevelop the ground floor for restaurant use, to form a new glass fronted two-storey height reception with the upper six floors being refurbished to provide office space of an exceptional standard.

Jason Stowe, Managing Director from Wilton Developments, says: “It`s exciting to be starting work on our Manchester city centre project. This refurbishment will be of a quality equal to our award winning developments in Leeds, where we secured a prestigious British Council for Offices (BCO) Award for 10 South Parade. The desire is to produce a `best in class` building in the same way as we have done in Leeds.

“By delivering business space to the high standard that this prominent location commands, at a time when the occupier market is in such good shape, I`m confident we will secure strong tenant interest before the development completes next summer.”

Manchester based interior space specialist, Ardmac, has been appointed to undertake the contract. Work begins at the end of November and the contract will take eight months to deliver. Wilton has worked with Manchester City Council to retain some features of the original building including the columns at the building entrance. The interior will be comprehensively remodelled and refurbished, with the reception area being turned into a striking double height atrium. Showers, club class changing facilities and bike storage will be delivered, along with basement parking.

Pudney Shuttleworth will market the ground floor restaurant opportunities. The office agent for the development is Manchester specialist, OBI Property.

Will Lewis, Transactions & Asset Manager at OBI, said: “42-44 Fountain Street will deliver stunning new workspace in the heart of Manchester`s prime core. There remains a strong level of demand for quality space and the flexibility of the floors means the building can accommodate requirements from 1,500 sq ft up to entire building of 22,150 sq ft.”