Investor hunt for potential 463-apartment scheme
A developer is looking for a funding partner for a planned 463-apartment Build to Rent (BTR) development in Leeds city centre.
BAM Properties, the UK development arm of Royal BAM Group, has appointed BTR Capital Partners to identify a suitable partner.
The fully consented site, which has been in BAM’s ownership for years, sits as part of a wider mixed- use development known as Latitude, within walking distance of Leeds Railway station.
It is adjacent to the new HMRC Government Hub at Wellington Place; the biggest ever commercial property letting in Leeds where more than 6,000 staff will be relocated in 2020. The mixed-use development at wider Wellington Place will ultimately be home to around 14,000 staff when fully completed.
The scheme to be built by BAM Construction has been designed as a purpose-built BTR development with advice from sector specialist, LIV Consult.
It will comprise studio, one, two and three-bedroom apartments arranged across 17 and 21 storeys, connected by shared gardens, with 102 secure parking bays at ground and lower ground level.
There will also be two private rooftop resident lounges with adjoining roof gardens, a ground floor glazed gymnasium, work space for residents and a reception lobby.
Martin Hill, Development Director for BAM Properties, said: “We have worked tirelessly with the LIV team over the past 18 months to create a best-in-class Build to Rent development, designed to ensure we have a building that is futureproof.
“BAM has a reputation for creating sustainable, high quality buildings and this Build to Rent scheme will be no exception.”
Nick Wiggans, Associate Director at BTR Capital Partners, the specialist funding advisory firm for the Build to Rent sector, said: “The development will create a fantastic living environment for residents but at sensible rent levels.
“We are confident there will be a huge demand for this new product especially given its close proximity to Wellington Place, Leeds new Grade A employment zone and the city station.
“This is an exceptional opportunity to invest in a scheme where construction will shortly be underway with BAM, one of the UK’s most credible delivery partners”.