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£40 million deal agreed for Leeds apartment tower

£40 million deal agreed for Leeds apartment tower

A new private rental scheme (PRS) development is set to go ahead in the centre of Leeds after a deal was signed to purchase the site where the old newspaper offices for the Yorkshire Post and the Yorkshire Evening Post once stood.

Residential landlord Grainger has bought the 4.6-acre site on Wellington Street from Stirling Investments so that it can build an 18-storey tower with 242 apartments, plus some commercial space on the ground floor. There will also be 72 parking spaces and construction of the tower should be finished in 2019.

The site was cleared in 2006, apart from the landmark clock tower, the only remnant of the old newspaper works that the two local papers vacated in 2012 after more than 40 years. The tower will mark the first phase of the mixed-use redevelopment of the site, for which outline planning consent was granted early last year. That stipulated that three office buildings would be constructed there, alongside one building for residential or hotel use.

Discussing the project, chief executive of Grainger Helen Gordon said: "We are pleased to announce this sizeable PRS build-to-rent acquisition that will deliver 242 new, purpose-built rental homes in Leeds city centre.

"Leeds is a vibrant city which holds all the key characteristics of our PRS investment strategy, including a large professional workforce and significant economic growth potential."

Grainger is aiming to develop a number of PRS projects in five cities in England. As well as Leeds, it is focusing on London, Bristol, Manchester and Birmingham.

The site, which lies close to Leeds railway station and the River Aire, will add to the growing supply of apartments in the city, as well as raising the skyline of a city that is relatively low-rise for its size, having a population of over 750,000.

Only two buildings in the city are currently taller than 100 metres. The highest is the Bridgewater Place tower, known locally as The Dalek because of its distinctive shape.

Construction: iStock

 

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