It's not often we get to write this these days, but, we've caught a whiff of some spec development that is about to start. As the rest of us are heading off to work next week, construction will begin on 21 Queen Street in Leeds (shown above), which is Formal Investments 37,500 sq ft office building. Now technically this is a redevelopment and refurbishment and will be ready by next summer, but it's noteworthy because the market has been eagerly waiting the news that this is getting started and the developer is adding two completely new floors to the building.
It's the second bit of good news for the Yorkshire capital in as many days. Yesterday Leeds city council confirmed that KPMG had agreed terms on 60,000 sqft at Sovereign Street. The deal was widely expected but the fact that requirement has actually now landed at the development (which itself has had a pretty chequered past) is a vote of confidence in the city and the scheme. That and the fact Muse is now onboard (£). But its worth remembering that its almost a year exactly since the council agreed heads of terms with KPMG. One thing is for sure, nothing is moving fast these days.
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