The historic Leeds Tower Works, which has stood empty for over 40 years, will benefit from £57million of investment to rejuvenate the site. The new project will redevelop Tower Works into 245 build-to-rent apartments, creating new high yield property in the north of the UK.
A Much-needed Transformation
Legal & General’s Build-to-Rent Fund (BTR Fund) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM) have supplied the funds for the redevelopment. The project itself is being led by Richardson and Ask Real Estate, with Sir Robert McAlpine as lead contractor. Together, they will transform the unused site into much-needed apartments.
New development projects such as this are in desperate need in cities such as Leeds. Rising populations are generating increases in tenant demand. Moreover, this in turn is creating great markets for buy-to-let investors with some of the highest yield property in the UK.
Unique Investment Opportunities
The Tower Works site forms a historic factory located in the Holbeck area of Leeds. It is notable for its three listed towers and its aspects of Italian architecture unique in the city.
The redevelopment will create a range of opportunities for property investors in Leeds. Once complete, the site will house 137 one-bedroom apartments, 96 two-bedroom apartments, and 12 three-bedroom apartments. The properties will be spread over two buildings and all available for rent.
Also planned as part of the project are private terraces for 23 apartments. And 838 sq metre of commercial space for shops, cafes or restaurants. In addition, three on-site disabled parking spaces will be built.
Strategically located south of Leeds railway station, units at Tower Works will likely be particularly high yield property for UK.
The Benefits Of Build-to-Rent
The build-to-rent sector continues to go from strength-to-strength in key growing cities such as Leeds. These properties provide excellent living arrangements and fantastic amenities for tenants. As well as hassle-free investments for buy-to-let landlords.
The senior fund manager of build-to-rent at LGIM Real Assets, Dan Batterton, said, “As covid-19 drives secular changes and a fundamental rethink of many areas of the real estate sector, build-to-rent has remained largely unaffected.
“It has delivered stable income returns throughout the crisis, with occupancy, rent collection and demand remaining high.
“This continued demand further demonstrates the need for homes with functional space to work, alongside convenient access to local cultural and leisure amenities.”
Find Out More
To learn more about making a high yield UK property investment in Leeds or anywhere else, contact North Property Group today.