Legal and General (L&G) has entered into a consortium with Scarborough Group to acquire a 50 per cent stake in a new development at Thorpe Park in east Leeds.The companies will be responsible for delivering phase two of the development, which has planning permission for a 1.35 million sq ft mixed-used unit, to which L&G will contribute £162 million of capital.There are a number of plans for the site, which including a new 250,000 sq ft retail and leisure complex, up to 60,000 sq ft of high quality office accommodation, the first phase of 300 new homes, and a 113 acre public park with sports facilities. These will be built over the course of the next five years.Laura Mason, director of direct investments at L&G, said: "Leeds has done an outstanding job in completing the first Regeneration Investment Organisation deal with L&G."This major development will help bring the ‘Northern Powerhouse’ to life, supporting the wider Leeds economy and acting as a major catalyst for further investment in the UK’s cities and regions."Providing an excellent match for our long term money, we have worked in close partnership with our property asset management arm, regeneration specialist partners and the public sector to complete this transaction."Planning permission for 300 homes on the site was approved by Leeds City Council in January, followed by agreement to 60,000 sq ft of offices last month, which are expected to be ready to use by the end of 2016.Preliminary developments are already underway, including the East Leeds Orbital Road, which will connect the wider north-eastern part of Leeds to the M1. This is expected to lead to the construction of an additional 7,000 homes in this part of the city.Strategic development partner GMI Construction is also preparing the plot, from which it is extracting 200,000 tonnes of coal before construction can begin.
L&G commits to Thorpe Park stake
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