Town Centre SecuritiesHow we achieved long term sustainable investments for Town Centre Securities Whitehall Riverside, a key gateway mixed use prime development site in the emerging west end of Leeds
- Location No 1 Whitehall Riverside, Leeds
- Key figures 6.5 acre mixed use development, 1 acre of which sold for £64 million
- Contact Richard Dunhill, +44 (0) 113 237 6661
- Secured 3 pre-lets on the site, a unique achievement in the market.
- Increased the total development value of the site to £225m
- Achieved a yield of 4.75% on part of the 6.5 acre mixed use development
- Town Centre Securities Plc owned this riverside 6.5 acre site in the emerging West End of Leeds from which it had been receiving significant car park income. However it was looking to create a top quality mixed use development on the site, incorporating residential, offices, multi storey car park, hotel and retail to generate maximum investment returns.
What we did
- We provided Town Centre Securities with the essential market advice required to create a phase-able masterplan which could stand the test of time. The project had a programme life of 10 years.
- BNP Paribas Real Estate has provided the development advice throughout the project for both the changing masterplan and individual buildings.
- Created a masterplan for 400,000 sq ft of offices, 200 apartments, a multi storey car park for 550 cars and a 150 bed hotel.
- Among our success was the development of No 1 Whitehall Riverside where we managed to attract three pre-lets to the building - Bank of New York, Cobbetts Solicitors and Grant Thornton. This unique achievement was the result of being highly proactive in approaching the potential occupiers from an early stage with the masterplan and presenting a bespoke and impressive solution to their needs in a competitive environment.
- We were able to sell No 1 Whitehall Riverside, arguably the most impressive building of its time in Leeds, at the top of the market for a price in excess of £64m, showing a yield of 4.75% in 2006.