Leeds’ most significant new mixed-use development, that is set to create thousands of new jobs as well as opening huge potential for new housing districts to the east of the city, is taking centre stage at MIPIM, the international property investment trade show, this week.
Thorpe Park Leeds, a joint venture development by Scarborough International Properties Ltd (SIPL) and Legal & General Capital (LGC), is joining the Leeds City Region contingent as it showcases best innovation and examples of excellence in public/private sector partnering in the region.
As well as highlighting the progress of phase two development underway to deliver 1.35 million sq ft of mixed use accommodation, Thorpe Park Leeds will be revealing plans for the new railway link, and associated park-and-ride, that forms part of a £270 million infrastructure investment into Leeds by the Department of Transport. This makes Thorpe Park Leeds unique as an out of town business destination in terms of direct and fast connectivity to the city centre, HS2 and beyond. It will also reveal new visuals for the 300,000 sq ft retail and leisure park which is to start on site next month.
MIPIM is regarded as the world’s key platform for destinations seeking to attract inward investment. Over 23,000 people from 90 countries will attend the three-day event where property investors are looking for their next venture.
Simon Marshall, joint chief executive at Scarborough International Properties, said, “We are pleased to be supporting Leeds City Region with Thorpe Park Leeds as a lead example of major investment that has effected significant economic prosperity in one of the UK’s leading cities.
“We are in the process of a huge transformation, creating a unique business, shopping, leisure and living community, but the rail link is a major game changer in terms if accessibility and connectivity.
Roger Marsh OBE, chair of Leeds City Region Enterprise Partnership (LEP), added:
“I’m delighted that Thorpe Park Leeds, Scarborough Group International and Legal and General Capital are continuing to support Leeds City Region’s presence at MIPIM. Together with our other private sector partners I believe we have developed a truly collaborative, public private partnership approach which is seen by the business community as hugely beneficial. I look forward to standing shoulder to shoulder with the Thorpe Park Leeds team and emphasising to the influential audience that Leeds City Region is not just ready for investment but is already delivering significant returns to investors.”
Thorpe Park Leeds is already a well-established 800,000 sq ft business park with over 60 occupiers including IBM, National Grid, Kier, Laing O’Rourke, Atkins, BAM and United Utilities. Delivery of the new second phase is enabled by a £162 million investment by Legal & General Capital and development work is already well underway.
Major signings for the 300,000 sq ft shopping and leisure park include Next, M&S, TK Maxx and Outfit with more deals imminent. Paradigm, the first speculative office building offering 31,650 sq ft of prime, Grade A space is already completed and available with plans to deliver a further 900,000 sq ft of offices in phases. The development will also include 300 new homes by Redrow and a 113-acre public park with sports facilities.
As part of a commitment to support development potential to the east of Leeds, plans for Thorpe Park Leeds include delivery of the first section of the ‘East Leeds Orbital Road’, a key piece of infrastructure connecting north and east Leeds to Junction 46 of the M1. This road will unlock land for the construction of up to 7,000 new homes in the East Leeds area, on land that is either already allocated in the Local Plan or which is ‘brownfield’ land. This will also benefit from the new railway station.
Marshall continues, “This month we will start to build the first phase of the East Leeds Orbital Road connecting the M1 to Manston Lane over the railway line. This is a major milestone for the city, opening potential for thousands of new homes across East Leeds. Indeed, the project as a whole is a leading example of our Northern Powerhouse agenda.”
Thorpe Park Leeds recently won the coveted ‘Best Deal’ Award at the Yorkshire Property Awards 2016 for its ground-breaking funding arrangement with Legal & General Capital. Kevin McCabe, founder and chairman of Scarborough International Properties was also awarded Property Entrepreneur of the Year at the Insider Property Industry Awards 2016 for his role in attracting Far East investment to Yorkshire.