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Monday, July 17, 2023

King Sturge and JLL appointed agents for The Gateway development, Leeds

King Sturge is joint agent for the £135m mixed-use scheme in Leeds city centre

The Leeds offices of King Sturge and JLL have been appointed agents for the commercial element of The Gateway, a £135m mixed-use scheme in Leeds city centre.

The two leading agents, in conjunction with Development Consultant GERWYNBRYAN, will represent the commercial element of the scheme which encompasses circa 20,000 ft² of office accommodation and an additional 10,000 ft² of retail/leisure space available in units ranging from 873 ft² to 4,212 ft².

The four acre site is a project by developers Scotfield, who have shown dedication to the commercial aspect of their landmark regeneration scheme with this recent appointment.

Richard Thornton, Partner and Head of Office Agency at King Sturge, said; "We have followed The Gateway scheme with interest since its infancy and are pleased to be appointed to look after the office space, which has already received a huge amount of interest. We are also talking to a range of commercial operators such as convenience stores, crèche operators and specialist retailers and want to ensure we get the right tenant mix for the scheme. We are also looking at bar/restaurant operators for the prime space beneath the hotel."

The focus on the commercial space follows on from the huge success of the residential element of the scheme, which has seen the complete sell out of all 256 apartments in Phases 1 and 2, and 50% of the remaining 300 apartments in Phase 3 residential by Morgans City Living. The appointed contractor on the entire scheme is Shepherd Construction.

The on-site 218 bed hotel has also been pre-let over 25 years to French giant, Accor, who will operate the hotel under their new Etap brand. The investment was forward-sold by GERWYNBRYAN for a staggering £10.5m at a yield of 5.25%.