£60m Leeds Office Scheme Secures Funding Boost 2026

Key Points

• Prescient Capital has secured a £27m loan from BGO to fund the £60m speculative office development at 31 Wellington Street in Leeds.
• The project replaces the former Wellington Plaza building, demolished in October 2025, and is located opposite Wellington Place in Leeds’ West End, at the junction of Wellington Street and Northern Street.
• The nine-storey Grade A office building will provide 80,000 sq ft of space, with flexible floorplates from 3,000 sq ft, expected to be ready for occupation by summer 2027.
• Clegg Construction serves as the main contractor; the project team includes DLA Architecture, Quod, Roscoe (civil and structural engineer), Thornley & Lumb (service engineer), Axi Interiors, BB7 (fire engineer), Hydrock, and Ridge.
• Knight Frank, Fox Lloyd Jones, and AC7 are marketing the building, quoting rents at £55 per sq ft.
• The development targets top ESG credentials: EPC A, BREEAM Outstanding, Fitwel 3 Star, NABERS 5 Star, and Wired Score Platinum.
• Amenities include a top-floor sky lounge for 150 guests, a ground-floor fitness suite, changing facilities, showers, and secure cycle storage.
• Construction began in March 2026, marking the first new-build office in Leeds since 2024.
• The site is a short walk from Leeds train station, enhancing accessibility.

Leeds (The Leeds Times) April 29, 2026 – Prescient Capital has secured major funding for its £60m office development at 31 Wellington Street, advancing one of the city’s most prominent commercial schemes in the West End.

What Funding Has Prescient Capital Secured for the Leeds Office Project?

Prescient Capital Limited has obtained a £27m development loan from BGO to support the £60m speculative Grade A office scheme at 31 Wellington Street. This funding green light enables the progression of the project, which replaces the demolished Wellington Plaza.

As reported by Infrastructure Now, the deal brings forward the development opposite Wellington Place in Leeds’ heart.

The loan covers a significant portion of the total costs for the 80,000 sq ft building. The Business Desk noted that this speculative venture addresses demand in the Grade A market.

Where Is the 31 Wellington Street Development Located and What Replaces Wellington Plaza?

The site sits at the junction of Wellington Street and Northern Street, opposite Wellington Place and a short walk from Leeds train station.

Wellington Plaza, a 1980s four-storey structure, was demolished in October 2025 to make way for the new nine-storey office block.

As detailed by Place Yorkshire, the location bolsters the thriving professional core of Leeds’ West End. Bdaily confirmed that the proximity to transport links enhances its appeal.

When Did Construction Start on the Leeds Office Scheme and Who Is the Main Contractor?

Construction commenced in March 2026, with Clegg Construction appointed as the main contractor. The Business Desk reported works began following the demolition.

Place Yorkshire listed the full project team: DLA Architecture for design, Quod for planning, Roscoe for civil and structural engineering, Thornley & Lumb for services, Axi Interiors, BB7 for fire engineering, Hydrock, and Ridge. Bdaily echoed this team composition.

What Are the Key Features and Timeline of the 31 Wellington Street Building?

The development offers 80,000 sq ft across nine storeys, with typical floors of around 9,530 sq ft featuring floor-to-ceiling windows for natural light. Completion is targeted for summer 2027, providing flexible spaces from 3,000 sq ft.

Amenities comprise a top-floor sky lounge with panoramic city views for up to 150 guests, plus ground-floor fitness suite, changing facilities, showers, and secure cycle storage. Knight Frank, Fox Lloyd Jones, and AC7 handle marketing.

What ESG Credentials Does the Project Target?

The building aims for EPC A, BREEAM Outstanding, Fitwel 3 Star, NABERS 5 Star, and Wired Score Platinum ratings. These standards address post-COVID demands for high-quality, sustainable offices, as noted in project descriptions.

What Have Key Figures Said About the Development?

Doug Friend, director of Prescient Capital, stated:

“As an adopted Yorkshireman, I have always been a massive supporter of the city of Leeds, having my office base here and the opportunity to develop a prime office building was too good to pass up.”

He added:

“The combination of the quality of 31 Wellington Street, its superb location and the stark lack of Grade A office space made this development a compelling proposition. It is never an easy decision to embark on a speculative development but, in this case, the fundamentals are very sound.”

Friend continued:

“In the wake of Covid and the initial surge in working from home, the modern contemporary office must be of the highest standard, both in terms of quality space, ESG credentials, service and first-class facilities and amenities. 31 Wellington Street ticks all these boxes.”

He highlighted:

“For example, the top floor, which will boast panoramic views across the city, features a sky lounge for client entertaining and social events with the capacity for 150 guests. Meanwhile there are further amenities on the ground floor including a fitness suite, changing facilities and showers and secure cycle storage.”

Eamon Fox, office agency partner and head of Knight Frank’s Leeds office, remarked:

“This is a game-changer for the Leeds office market, providing much-needed and very timely quality office space to satisfy pent-up demand.”

Fox noted:

“As a result, we are quoting rents of £55 per sq ft, in line with the general trajectory of office rents in Leeds.”

Fox further commented:

“It is not surprising that we are already experiencing a high level of interest in this super prime building, as it is the only new building on-site scheme with live construction and certainty of delivery for 2027. This is a significant differentiator from the other major developments in the city in the pipeline.”

He concluded:

“Let’s remember, Prescient Capital is masterminding the first new-build office in Leeds since 2024. There is no doubt that 31 Wellington Street is going to be a magnificent building and a worthy addition to the thriving professional core in the West End of Leeds. We should all be very proud of both the vision and the courage of Prescient Capital to invest in Leeds at this vitally important time.”

These statements appear across Bdaily and Place Yorkshire coverage.

How Does This Fit into Leeds’ Office Market?

The project addresses pent-up demand for Grade A space, being the first new-build since 2024. Rents at £55 per sq ft align with market trends. Insider Media described it as one of the most exciting developments in recent years.

The speculative nature underscores confidence in Leeds’ commercial recovery.

Background of the Development

The 31 Wellington Street project originated with Prescient Capital’s acquisition and demolition of Wellington Plaza in 2025. Construction broke ground in March 2026 after planning approvals. Funding from BGO in late April 2026 provides the boost to complete the speculative build. Earlier phases included appointing Clegg Construction in August 2025.

Prediction: Impact on Businesses and Occupiers in Leeds

This development can supply 80,000 sq ft of new Grade A office space by summer 2027, meeting demand from businesses seeking modern, ESG-compliant workspaces near Leeds train station.

Occupiers gain access to flexible floorplates from 3,000 sq ft at £55 per sq ft rents, with amenities like sky lounges and fitness suites supporting hybrid work models. Local firms and investors benefit from added premium stock in the West End, potentially stabilising the market amid limited new supply since 2024. Tenants may experience higher operational standards through targeted certifications, aiding compliance and attraction of talent. The influx could draw professional services to the area, enhancing economic activity around Wellington Place.