Hillview Real Estate lets 14,030 sq ft office building in Leeds to Wizu Workspace
Hillview Real Estate, a UK regional office investor, has signed a lease agreement with Wizu Workspace for a 14,030 sq ft office building at Lawnswood Business Park in Leeds.
Wizu, which is based in Sheffield and provides flexible workspace at five locations in Yorkshire, has taken Richmond House on a 10-year lease at a rent of GBP17.50/sq ft. Wizu will offer companies and workers serviced offices, co-working space and meeting rooms as well as additional amenities to the whole business park, which already benefits from the Red Bean Café.
Lawnswood Business Park is the leading business park in the north west of Leeds and comprises eight office buildings, totalling 146,203 sq ft, on the A6120 Leeds outer ring road. They are let to 13 tenants, including Equiniti, Aramark, Handelsbanken, Fuel Card Services, BHP Accountants and Brenntag. Next month, Hillview will begin a nine-month comprehensive refurbishment of the 37,000 sq ft building formally occupied by HM Revenue & Customs.
Hillview acquired the business park in December 2018 on behalf of Hillview Partners Property Fund II, continuing its focus on investing in multi-tenanted, institutional-quality, regional office assets that offer significant value creation through active asset management.
Dom Ketteringham, asset manager at Hillview Real Estate, says: “We had a lot of interest from flexible workspace providers for Richmond House and chose to work with Wizu because of their strong reputation in Leeds and the high quality of their workspaces. Having Wizu as part of our Lawnswood community will offer tenants additional occupational flexibility, wider range of amenities and convenient meeting space for collaboration.
“This lease agreement reflects the broad-based pick-up in occupational activity we are seeing across the portfolio and endorses our regional office strategy”.
Tom Almas, Founder and Managing Director of Wizu Workspace, says: “We’re thrilled to acquire our first out-of-town workspace at the thriving Lawnswood Business Park in Leeds, following the rising need for flexible suburban workspace. The accessibility of the site, modern exterior aesthetics, light-flooded spaces and its picturesque setting made it an ideal match for the Wizu brand.
“We were impressed with Hillview’s forward-thinking approach and commitment to investing in the future of the park, plus our aligned vision for the workspace. We plan to make it a destination space, acting as a magnet for high-growth businesses seeking to attract top talent.”
Hillview Real Estate was advised by WSB and JLL.