The start of work on two build to rent towers at Leeds Lisbon Square has been brought forward. The £300million property investment project will now begin in this summer following a deal struck between development partners Marrico Asset Management and Helios Real Estate with US private rental operator Cortland Group.
The Lisbon Square project comprises four high rise buildings and gained planning permission approval in 2021. It has now been announced that work will start on the first two of these towers in July.
These first two towers will comprise 600 build to rent apartments across 33 and 32 storeys. These property investment opportunities will bring much-needed, high quality places to live to Leeds city centre.
A flagship scheme
Later on in the project’s life, a student block with 550 rooms will also be delivered over 24 storeys. The scheme will also develop a 15-storey aparthotel,15,000 sq ft of office space, and commercial areas for retail and leisure property investment opportunities.
Now that the start of the first phase of Lisbon Square has been agreed, Marrico and Helios are now focusing on bringing these next stages to life.
Richard Bland, partner at Marrico Asset Management, said: “We are delighted to have signed this deal with Cortland for our flagship scheme in Leeds.
“This will be one of the city’s landmark buildings and we believe will set new standards in build to rent accommodation in the city.”
What is build to rent?
The Lisbon Square project is just the latest in the large number of build to rent property investment projects coming to Leeds. Build to rent is becoming ever more popular with property investors, and for good reason.
Build to rent properties are those that are created with tenants and investors in mind. They feature excellent amenities in sought-after locations and can often be purchased off-plan with beneficial payment schemes.
Build to rent schemes have been shown to generate higher rental yields in cities like Leeds, making these kinds of property investment opportunities the first choice for many savvy investors.
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.
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Contact North Property Group now to find out what property investment opportunities are available for you. Or if you’d simply like more information about investing in property, our friendly team of experts will be happy to help.