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Council to move into new £50m office

Posted by Trevor
November 7, 2013 in Property Development

A local authority has agreed to let a city centre office in a deal reported to be worth £30 million over the next 25 years.

Leeds Council, in Yorkshire, is to take the lease out for Merrion House. Said to be the largest deal of its kind in the area in over 20 years, it is all about consolidating the use of office space.

A further £20 million will also be spent to bring the building up to scratch, with a major  office fit out  office fit out project set to be undertaken. Part of the work will see a 50,000 square feet extension added, creating a total work space of 170,000 square feet.

It will see nearly 2,000 members of staff based at the site once the building is complete, with employees of the local authority moving from 13 buildings throughout the city centre.

Speaking about the scheme, Leeds Council’s director of development, Martin Farrington, said:

“What we are doing is entering into a new lease with Town Centre Securities for 25 years, but that lease will require the complete reskinning and refitting of Merrion House and also adding a six-storey extension that will enable the council to rationalise its office base and save £15m over the next 25 years in terms of property costs.”

A spokesman for the owners of Merrion House, Town Centre Securities, added:

“The deal will generate a number of local construction jobs.”

The chairman of TCS, Edward Ziff, also said the deal represented another achievement for the Leeds Arena regeneration. Ziff went on to say that the area is fast becoming one of the most important in Leeds.

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