Caddick snaps up former Montpellier Estates’ site City One

YORKSHIRE’S Caddick Developments has bought the former Montpellier Estates’ City One site in Leeds out of administration for around £10m.

The 10-acre development site in Holbeck has consent for a £500m mixed-use scheme, including 1m sq ft of offices, a 25-storey residential tower, a 230-bed hotel and a 100,000 sq ft casino.

According to reports, Caddick is expected to seek a revised consent which replaces the leisure space with private-rented flats.

The site, on Sweet Street, was one of two locations shortlisted by Leeds City Council in 2008 for the £60m Leeds Arena. However, the council subsequently appointed itself as the arena developer on its own land at Claypit Lane.

Following this, Jan Fletcher, the former Montpellier Estates (MEL) chairman, made the headlines on a regular basis.

MEL had already prepared and put in its bid when, in November 2008, Leeds City Council terminated the process. Montpellier initiated a £43.5m High Court claim, which was successfully defended by the council.  Following this, receivers were appointed over a portfolio of properties owned by Jan Fletcher’s Montpellier Estates.

Leeds City Council then brought a bankruptcy action against the Yorkshire businesswoman after a judge gave her four weeks to pay £2m in interim costs but she missed the payment deadline. However, the council then dropped its bankruptcy claim against Fletcher after she finally paid around £2m towards its costs.

For more stories on the saga, click here.

Estates Gazette said that Caddick saw off rivals with a £10m bid, the highest amount paid for a Leeds development site. 

Knight Frank advised on the sale of City One.

Caddick said it is unable to comment at this stage.