Leeds landmark Tower Works reaches 100% occupancy

Creative Space Management has let the final two units at the landmark Tower Works development in Leeds; securing 100% occupancy at the historic building just one year since it reopened as contemporary office space.

The company, which is the managing and letting agent for Tower Works on behalf of the owner, the Homes and Communities Agency (HCA), secured the final tenants, costume designer Charles White Costumes and Synthetic Studios, a new start-up digital design agency, this month [August]. The new lettings bring to 20 the total number of companies based at the creative and digital hub, occupying more than 18,000 sq ft of office space designed specifically for growing businesses from 1 to 20 people.

Paul Taylor, a Director at Creative Space Management, puts the success of the scheme down to providing the right product at the right time for a growth market.

Comments Paul: “The fact that we can offer short-term leases and have a range of flexible spaces is a hugely attractive proposition for fast growth SMEs. Creative companies are particularly attracted to this area, to the south of the city centre, which is home to some of the most dynamic businesses in the city, many of which themselves have experienced tremendous growth. Business owners like the fact that they can build an important network here for the long term and keep them close by when the time comes to move to larger premises: we see many tenants migrate to the neighbouring digital hubs of the Round Foundry Media Centre or Igloo’s Marshall’s Mill. We already have a waiting list for spaces here so we’re confident occupancy levels will remain high for the foreseeable future.”

Tower Works reached completion in July 2012 having endured the recession, thanks to continued investment and support from the HCA. The mix of contemporary canalside office and studio space and historic architecture, which includes the three listed Italianate towers within its ground which are modelled on the Renaissance towers in Italy, have proven a winning formula, and the HCA is now looking to the take the next phase to market in the autumn to continue the development of the site.

Comments Ian Hall, Area Manager for Leeds City Region and North Yorkshire Economic Assets Team at the HCA: “We’re delighted to have reached 100% occupancy. Attracting new businesses into the city supports the local economy as well as generating a return on our investment for taxpayers. We now look forward to the next chapter of the scheme which has potential for both residential and commercial development. Market conditions will determine the mix, but we will ensure that we build on the success of the scheme so far and enhance its offering in future stages.”

Adds Simon Forster, Director of Robot Food, a creative brand agency and one of the first tenants to sign for pre-let space at the development: “We’ve definitely benefitted from being based here, having moved from Harrogate more than a year ago; the central location and relaxed, but inspiring feel of the area is key for attracting business as well as recruiting new talent. We’ve gained from having so many creative companies on our doorstep, both in terms of generating new business and from working with our neighbours on projects to offer a more bespoke package for clients. We understood the potential of the development and it’s great to see it realised.”