Leicester council agrees to support major city centre office development

Leicester City Council has agreed terms to help bring forward 34,000sqft of new office space as part of a major city centre development scheme.

The deal is linked to the £50milllion redevelopment of the former Stibbe site between Great Central Street and Vaughan Way. This will see the creation of two new hotels and an attractive new public area linking the city centre to the Waterside, along with the major new office development.

It will also see the refurbishment of the former Great Central Station which will be brought back into commercial use.

The vision for the Great Central Station redevelopment

As part of this, the city council is set to enter into an agreement that will commit the developer to completing the office part of the development at the same time as the other elements. In return, the council has agreed terms that could see it leasing up to half of the new office space if this is still vacant within six months of completion.

City Mayor Peter Soulsby said: “In all likelihood, the developer will have no difficulty finding tenants for this exciting new development. Top grade office space in the city centre is in short supply but we know there is demand for it.”

“Recent major investment shows a growing confidence in Leicester and it is important that the council continues to encourage the type of development needed to support growth and new jobs. This kind of fall-back agreement can be a useful tool in helping to achieve that.”

“This development is a vital part of our vision for the regeneration of this part of the city, and will bring major investment into an area that has long stood vacant and neglected.”

“Along with the redevelopment of the New Walk Centre site and our plans to create 60,000sqft of office space in the Waterside area, it will also help mark the most significant period of new office development in Leicester in over a decade.”

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