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Major Leeds South Bank Development Set For Approval
An 8-acre brownfield site in Leeds’ South Bank is set to be redeveloped in a large-scale mixed use scheme. Insider Media reports that developers PLATFORM have submitted a proposal for 1,350 build-to-rent (BTR) apartments, which has been recommended for approval by planners.
The development will include two grade A office buildings, and leisure and retail spaces. There would also be landscaped green spaces throughout the site and a new public square to help foster a sense of community. Phase 1 of the development includes plans for a 15 storey residential block.
The report said: “The scheme will transform a neglected brownfield site into a vibrant part of the South Bank providing a major economic boost to the city centre and Holbeck area with a development value of nearly £400m.”
It added: “Through new permeability through the site and through financial contributions toward transport improvement schemes it will improve connectivity with the rest of the South Bank, with bridges to the north bank of the city centre and with the older neighbourhood of Holbeck.”
Meanwhile, the landmark Queens Hotel in Leeds city centre has been sold by property investment firm Aprirose to Pandox for £53m, Insider Media reports. The hotel has undergone major renovations in recent years, including the addition of 17 rooms and a remodelling of the restaurant and bar areas.
Manish Gudka, chief executive at Aprirose, said: “We are pleased to have executed the sale of this asset to deliver on our strategy for the property.
He continued: “Having followed our investment with a substantial and carefully considered capital expenditure programme to reposition the hotel, we have created value and generated a good return for our investors, exemplifying our overall approach to real estate investment.”
“The hotel and leisure sector remains an important focus for our business, and we continue to look for opportunities to deploy our capital in high quality, well-located buildings in growth areas.”
Liia Nõu, chief executive at Pandox, added: “We are pleased to acquire the iconic and market leading The Queens Hotel in central Leeds. The hotel is located next to the city’s largest square and the central station, attracting both leisure and business travellers. The hotel product is in very good condition after a newly completed renovation.
“The transaction is made at an attractive yield, and we see good potential to further increase the hotel’s return over time through active measures in operation, organization and product offering.”
The Queens Hotel was originally built in 1863 to accommodate the influx of rail passengers. However the grand Portland stone building that stands today was constructed in the 1930s in the distinctive Art Deco style, and still retains many of its original features. It is rumoured to have large underground rooms that are connected to the city’s abandoned tunnel network.
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