Caddick confirms acquisition of City One

YORKSHIRE’S City One site has been of interest for “some time” Caddick Developments said, as it confirmed its acquisition of the former Montpellier Estates’ site in Leeds.

TheBusinessDesk.com announced last week that Caddick was expected to announce it had bought the 10-acre development site in Holbeck, which 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.

Johnny Caddick, of Caddick Developments, said: “We are continually looking at new strategic sites to further drive our development pipeline within regional city centres and City One has been of interest for some time, primarily as it represents a huge opportunity as the total consented area is in the region of two million sq ft.
 
“The site is of great importance to Leeds – it’s a prime site for development and has been dormant for many years. Its position, given it forms part of the gateway into the city centre, coupled with its excellent transport links with access to the M621 and wider motorway networks, makes it an attractive site.”
 
This is the second major site in the city which has been acquired by Caddick Developments. The company already owns Quarry Hill, with plans for that project to include new homes, offices, a multi-storey car park, leisure and retail facilities, a medical centre and a series of vibrant public squares.
 
Plans for City One are currently being worked on, but Mr Caddick believes this is an important milestone for the area.
 
He added: “Leeds is one of the fastest growing cities in the UK and the area around City One has undergone significant development in the last 10 years. We’re really pleased that Caddick can play its part in the regeneration of the area, which will have a positive impact on the whole of the city.”
 
Henrie Westlake, investment partner with Knight Frank in Leeds, who led the marketing campaign for City One, commented: “City One was one of the largest developments site ever marketed in Leeds, so this was a very significant and historic deal. The massive interest in City One underlined its tremendous development potential and the unique opportunity to acquire a prime strategic mixed-use site close to Leeds city centre.
 
“There has been a marked increase in both development and investment activity in Yorkshire during the past two years and City One ticked all the boxes,” added Mr Westlake. “It was also gratifying to see the site bought by a successful Yorkshire developer and investor like Caddick Developments, who have a proven track record in large-scale projects.”