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Regeneration of Leeds City Centre Site Could Add £100million to Local Economy

December 17, 2021

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Article Summary

Leeds
  • The new development project will be on the site of the iconic Bridge House building in Leeds. The 0.4 acre site is situated in the city’s central business district.

  • Once complete, the unused city centre site will be transformed into a number of luxury apartments, creating more properties in Leeds for sale.

  • The Bridge House site is one of the last remaining grade A development sites within the central business district. The sale strengthens the price of such prime development land at over £20million per acre.

Plans have been announced to transform a derelict site in Leeds city centre into luxury apartments. Seller The Parklane Group says the move could bring additional investments into the Leeds local economy of more than £100million.

 

Luxury apartments

The new development project will be on the site of the iconic Bridge House building in Leeds. The 0.4 acre site is situated in the city’s central business district opposite the former home of The Yorkshire Post and Yorkshire Evening Post and has been derelict for years.

Once complete, the unused city centre site will be transformed into a number of luxury apartments, creating more properties in Leeds for sale. With a property market that has the biggest gap between supply and demand in almost a decade, such Leeds investment opportunities are much needed.

 

Grade A development site

The deal itself is reported to be worth £10million. The Parklane Group sold the land to a London-based asset manager on behalf of a Canadian pension fund. The luxury apartments will bring more buy to let Leeds investment properties to the market to support the city’s growing long-term rental community.

The Bridge House site is one of the last remaining grade A development sites within the central business district. The sale strengthens the price of such prime development land at over £20million per acre.

And with very little land remaining in this part of the city, these apartments could be one of the last new build to rent properties in Leeds for sale here.

 

Rapid growth

The Parklane Group, who previously owned the site, says the sale will allow them to focus on their core brands Roomzzz Aparthotels and purpose-built student accommodation, IconInc.

Proving their commitment to making more Leeds investments, Naveen Ahmed, Managing Director of The Parklane Group, said: “We have massive expansion plans for both brands and there are very exciting times ahead for The Parklane Group. We’re actively seeking new opportunities in the market place and both brands are now on a trajectory for rapid growth.’

“In addition to the existing extensive property portfolio in the UK, Leeds is home to more than 600 student rental properties and the award-winning brand, IconInc, which was launched in 2015.”

As well as the large number of students rental properties owned by The Parklane Group, Leeds is also home to three of the group’s 11 Roomzzz Aparthotels.

 

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.

 

Find out more

If you’d like to buy a Leeds property investment or would just like to see which property investment opportunities are currently available, contact North Property Group now.

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