Thorpe Park Leeds takes centre stage this week at MIPIM UK as the headline partner for Leeds City Region, representing a significant regeneration project that brings the ‘Northern Powerhouse’ to life.
The significant 200 acre mixed-use development in east Leeds recently received a £162 million investment boost from Legal and General Capital (LGC) that has kick started delivery for the next major phase of new development on site.
In a deal brokered by UKTI’s Regeneration & Investment Organisation (RIO) LGC has acquired a 50% stake in Thorpe Park Leeds, entering into a Joint Venture with Scarborough Group International (SGI) which has been involved with the site for nearly 20 years. The joint venture will deliver phase two of Thorpe Park Leeds which has consent for a transformational 1.35m sq ft mixed-use expansion of the existing 800,000 sq ft business park.
The future development of Thorpe Park Leeds is set to create up to 10,000 new jobs.
Thorpe Park Leeds will also deliver 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 7,000 new homes in the East Leeds area, land that is either already allocated in the Local Plan or which is ‘brownfield’.
Preparation work is already underway to deliver a new 300,000 sq. ft. shopping and leisure park, a first phase of high quality office accommodation of up to 60,000 sq. ft, land for 300 new homes on Thorpe Park Leeds itself, and a 113 acre public park with sports facilities.
With the letting of much of the retail and leisure accommodation already under negotiation, SGI has committed to bring forward delivery of nearly 40,000 sq. ft of prime office accommodation, on a speculative basis, which is due for delivery by Summer 2016. A little less than 900,000 sq. ft of further office space is available for pre-letting.
Mark Jackson of Scarborough Group International, commented: “With major investment secured we are now progressing apace to deliver the second phase at Thorpe Park Leeds. This project is transformational for east Leeds, creating a true sense of place where business can thrive in a well-supported environment. Thorpe Park Leeds is founded on four key themes; Community, Health and Wellbeing, Connection and Enterprise and we are pleased to join Leeds City Region at MIPIM to present this exciting opportunity to potential occupiers.”
Roger Marsh OBE, chair of Leeds City Region Enterprise Partnership (LEP), added: “I’m delighted to welcome Thorpe Park Leeds to the City Region’s ever growing private sector delegation for the three day exhibition. As the recent recipient of over £160 million of funding and the first project delivered since the start of Legal & General’s Regeneration Investment Organisation (RIO) partnership, launched at 10 Downing Street in January, the scheme provides a fantastic example of opportunity that exists in Leeds City Region.
Laura Mason, Director of Direct Investments at Legal & General Capital, said: “Thorpe Park Leeds is a shining example of what can be achieved through positive public and private sector engagement, demonstrating that through a joined up approach we can bring about transformational large scale urban regeneration and economic growth. In the Leeds City Region and Scarborough Group International we have forward thinking partners and we want to work with them to unlock further investment opportunities and encourage other investors into the region through important platforms like MIPIM UK.”
