Commercial Property News

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Tuesday, September 25, 2023

Shepherd Developments let office space in Leeds City Centre

The banking giant HSBC has taken nearly 10,000 sq ft of Grade A office space at the prestigious City Point development in the heart of Leeds.

City Point, the only new-build office block available in Leeds' commercial centre, is a joint development between Shepherd Developments and the Scarborough Development Group. It comprises 62,000 sq ft of quality office space on seven floors at the corner of King Street and Park Place.

At the same time coffee chain Starbucks has taken 2,500 sq ft of retail space on the ground floor of City Point and is now trading.

HSBC is occupying the entire 9,600 sq ft fourth floor and plans to use it as regional offices, occupied by about 80 staff. The rent is 25 per sq ft.

These latest lettings mean that only the second and third floors, totalling 22,000 sq ft, remain available.

City Point was designed by Aedas Architects and Shepherd Design for Shepherd Developments and the Scarborough Development Group. Construction began in December 2004 and was completed in July last year.

Property companies are well-represented at the site, with its 10,400 sq ft first floor being let to GVA Grimley, while the 7,400 sq ft fifth and 4,900 sq ft sixth storeys are rented by King Sturge.

Nick Child, director of Shepherd Developments and the joint venture company said: "This scheme has been a great success for the joint venture and we are keen to secure other opportunities of a similar nature in other provincial cities"

Andrew Crowther, associate director, Scarborough Developments, said: "We're delighted that two big name companies like HSBC and Starbucks have committed to City Point, which is right in the heart of Leeds' thriving business district.

"Due to the buildings quality and location, we had every confidence that there would be demand for accommodation from blue chip businesses in the speculately developed buildings and are pleased to see this judgment being vindicated."

The building, which has been pre-sold to the LNC Property Group. also offers 32 basement car parking spaces and includes an imposing, double-height ground floor reception area.