- Having reached its highest point, construction is due to complete in spring 2023.
- The works were established in the 1860s as a factory for the textile industry, which was closed in 1981. The site has been earmarked for regeneration since then, making this redevelopment project long overdue.
- As well as the mix of 1, 2 and 3-bedroom apartments and duplexes, there will also be ground floor commercial spaces and new areas of public realm.
The Leeds Tower Works scheme has ‘topped out’, thereby reaching a significant milestone in its construction. Topping out is when a building reaches its highest peak in construction, which this major build-to-rent development achieved in August.
Historically significant development
The historic development scheme on Globe Road in Holbeck can now take the next step in the creation of 245 build to rent property investment opportunities. Having reached its highest point, construction is due to complete in spring 2023.
Tower Works is a key project for Leeds due to its historic significance. The works were established in the 1860s as a factory for the textile industry, which was closed in 1981. The site has been earmarked for regeneration since then, making this redevelopment project long overdue.
The build is being led by Sir Robert McAlpine, with funds being supplied by Legal & General’s Build-to-Rent Fund (BTR Fund) and Access Development Partnership (a joint venture between Legal & General Capital and PGGM). The project itself is being led by Richardson and Ask Real Estate.
At the topping out ceremony, representatives from the project team gathered to listen to a Scottish piper and a speech from Sir Andrew McAlpine.
Once complete, the Tower Works development will bring much-needed property investment opportunities to the Leeds market. As well as the mix of 1, 2 and 3-bedroom apartments and duplexes, there will also be ground floor commercial spaces and new areas of public realm.
Speaking of this major property investment project, John Hughes, managing director of Ask Real Estate highlighted the importance of bringing new homes to the Leeds market.
He said: “Leeds is a key conurbation, but like many cities its housing supply is severely constrained. We have worked closely with Homes England to deliver a scheme which helps to meet that need and we are very proud to have been able to now mark such a significant milestone in the transformation of this historic site.”
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.
To find out which property investment opportunities are available on the Leeds market now, or to learn more about how property investment works, get in touch with the experts at North Property Group today.
Explore our property in Leeds
Gross Yield: 7%
Est. Q3 2023
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Cities such as Manchester, Leeds, and Liverpool are not only cultural and historical gems but also burgeoning property investment hotspots.
As the vibrant city of Leeds continues to grow and evolve, it has emerged as a prime destination for property investors seeking attractive opportunities.
With its vibrant economy, diverse property market, and attractive returns, Leeds offers a compelling proposition for those seeking long-term growth and profitability.
Leeds has been on an upward economic trend in the past few years, with the supply of properties struggling to meet the demand that the influx of residents in the city is showing.