Prescient Capital has secured funding to deliver a new £60m office development in Leeds, bringing forward one of the city’s most prominent new commercial schemes.

The developer’s 31 Wellington Street project will replace the former Wellington Plaza building, which has now been demolished. The site sits opposite Wellington Place, in the heart of Leeds’ West End business district.

Commercial property investment company BGO has provided a £27m loan to support the development of the new nine-storey building. The scheme will deliver 80,000 sq ft of Grade A office space and is expected to be ready for occupation by the end of next year.

Work has already started on site, making 31 Wellington Street one of the few new office projects in Leeds with live construction and a clear delivery date. The scheme is being developed speculatively, reflecting confidence in the city’s office market and the demand for high-quality workspace.

Prescient Capital said the backing from BGO was a major vote of confidence in both Leeds and the project. The company said there is already strong interest in at least two floors of the building, while Prescient itself plans to occupy one of the ground-floor units.

The development comes at a time when Leeds is facing a shortage of new, high-quality office space. Agents for the scheme said demand for modern, well-located offices remains strong, with rents at 31 Wellington Street being quoted at £55 per sq ft.

The building is expected to strengthen the professional core of the West End of Leeds, an area that has seen significant investment and growth in recent years. Its location opposite Wellington Place places it close to major employers, transport links, restaurants and amenities.

Knight Frank, Fox Lloyd Jones and AC7 have been appointed to market the building, with office floorplates available from 3,000 sq ft.

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