6EP

Bridges Property Alternatives Fund III

Environmentally-efficient office space in Leeds City Centre

  • Theme

    Underserved Markets, Sustainable Living

  • Date of Initial Investment

    2014/07/01

  • Bridges Executives

    Guy Bowden

  • Management Team

Challenge: Employment opportunities are not evenly distributed across the UK, and the poorest communities are often more disadvantaged in terms of access to affordable accommodation, office space, services and economic opportunities. These challenges – underutilised property, unmet demand and underutilised local talent – also present opportunities for growth. In many of these ‘regeneration areas’ there is also the opportunity to build to higher sustainability standards, benefitting the environment and the well-being of those working in the property.

Investable Solution: 6 East Parade is a vacant 45,000 sq. ft. building in the commercial core of Leeds City Centre. Bridges acquired the property in a joint venture with Evenacre in order to refurbish and re-let the property as SME office units. The investment will support the commercial growth of this regeneration area, whilst providing valuable office space in an energy-efficient building. Planning was agreed in March 2015, and the refurbishment is due to commence in July.

Outcomes: High-efficiency water and energy devices will be installed and Solar PV will power the common areas, all of which will reduce the service charge to tenants.

www.6ep.co.uk

 

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