Leeds city centre set for £55m built-to-rent project

Legal & General is set to acquire a Leeds city centre site with planning permission for a major built-to-rent scheme.

The Mustard Wharf site, part of Granary Wharf in central Leeds, is currently owned by CTP and U+I. The attached scheme has a development value of £55m.

According to Property Week, L&G is about the buy the site for £5m. It has permission for 250 units and 8,640 sq ft of commercial space.

CTP has developed Granary Wharf, a 170,000 sq ft mixed-use site on the banks of the River Aire, which has access to Leeds Rail Station following the completion of the new South Entrance.

L&G division LGIM Real Assets is looking to buy the site, as well as nearby sites for future PRS projects.

While Yorkshire-based Moda Living has been advancing PRS schemes in the regions, including Angel Gardens in Manchester and Princes Dock in Liverpool, Leeds has remained at the back of the race.

If completed, the Mustard Wharf site would be the second such scheme in Leeds after Grainger committed to a 242-unit scheme on Wellington Street. Plans were submitted in 2016 after it acquired the former Yorkshire Post office site in September.

L&G is one of the biggest investors undertaking PRS schemes in the regions, and has sites in the pipeline at Bristol, Walthamstow and Salford.

Deputy chief executive at U+I, Richard Upton reportedly said the sale of the site was “close” with up to three interested buyers, as it looks to focus on the London area.

 

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