Serviced offices provider Orega has entered into a management agreement with EPIC, the owner of Grade II* listed St Paul’s House in central Leeds, on 11,000 sq ft of office space arranged over the ground and third floors.
Leigh Perl from landlord EPIC said of the transaction: “This is the second building that we have entered into a management agreement with Orega and we hope to strengthen our relationship with them in the years ahead. We recognise that it is essential for us to provide a strong flexible offering within our multi-let regional properties and we value our partnership with Orega.”
“It is tremendous news that St Paul’s House is now fully occupied and we are very proud of what has been achieved there during the past three years.
Robin Pugh, Real Estate Director of Orega said: “Leeds is one of the most vibrant cities in the UK for flexible workspace and we are delighted that St Paul’s House will be the home of our first centre in the city. We are also pleased to be working in our second venture with EPIC following George Square in Glasgow, which opened last year.”
Douglas Green, director of GKRE, who advised EPIC said of the transaction. “It was a pleasure working with both Orega and existing clients EPIC and helping them negotiate their second management agreement this time in Leeds, one of the UK’s fastest-growing cities.
“As a trend we are seeing a lot more activity by property owners looking to enter the market under the terms of these agreements as they represent an established and flexible way to gain access using existing operational expertise,” he added.
St Paul’s House is an historic 19th century building overlooking Park Square, which underwent radical renovation work, including a new roof, to restore it to its former glory three years ago.
It was bought by EPIC from Boultbee Brooks Real Estate in 2016 in an off-market deal, advised by the Leeds office of Knight Frank. The letting means that St Paul’s House is now fully occupied.
Elizabeth Ridler, partner and office agency specialist with global property consultancy Knight Frank in Leeds, who also advised landlords EPIC, said: “This transaction follows quickly on from lettings to Sedulo and Northedge. Other occupiers in the building include DAC Beachcroft, Cushman & Wakefield and the Quality Care Commission.”