Regus leases space at Leeds out-of-town office scheme
London-based Xlb Property and Harbert Management have purchased a major out-of-town office scheme in Leeds as part of a multimillion portfolio deal. Regus has leased the ground and first floors of Building 3.

Yorkshire Property Laurence Kilgannon

A major Leeds out-of-town office scheme has been acquired as part of a multimillion-pound portfolio deal.

City West Office Park, Gelderd Road, located 1.5 miles from Leeds city centre, has been acquired by London-based asset management business Xlb Property and Harbert Management from the £200m+ Webb Portfolio.

Commercial property consultancies JLL and Carter Towler have been appointed joint agents to the newly-acquired scheme, which comprises three office buildings totaling 93,000 sq ft of office space.

A total of 42,500 sq ft is available to let with suites available from 4,753 sq ft. Ground and first floors of Building 3 are leased to serviced office provider Regus and part of the second floor, and entire third floor, is let to risk management business, Lexis Nexis.

Other tenants in the scheme include fitted kitchen designer and manufacturer, Alno UK which took an additional 5,000 sq ft to occupy the entire building No 1 City West from January this year.

The new owners have not yet announced their plans for City West Office Park but the scheme includes about 6.2 acres of development land which could accommodate a range of uses, subject to planning.

Xlb Property partner William Poole said: "City West represents a great opportunity to add value through creative asset management and refurbishment to realise the full potential of the scheme which is among the best out-of-town office locations in Leeds."

JLL director of office agency Richard Thornton added: "The calibre of current tenants are testament to City West Office Park’s USP - a large and efficient floor plate with a high-quality specification and cost effective rents."

Richard Fraser, a director at joint letting agent Carter Towler, said: "With superb road connections to Leeds city centre and the motorway network, City West is a great all-round offer to Leeds’ office market. We are already receiving some strong interest from potential occupiers and expect exciting plans for the scheme."

The entire City West is in a mature landscaped area with a car parking ratio of 1:250 sq ft. On-site facilities include a Premier Travel Inn.