Prime Leeds development site finds new owner

A prime development site in Leeds city centre has been acquired by a new owner.

Select Property Group is the new owner of Portland Crescent, the site of the part-built Leeds Arena Hotel. This will be Select’s second site for its Vita Student brand in the city, with its St Alban’s Place site already under construction taking the company’s investment in Leeds city centre to £110m.

Subject to planning, the building which represents an investment of £56m, will restart on the site later this year, using the existing design of the building to create 273 student apartments.

Amenities include large social hubs for students to socialise or attend events in, as well as features such as movie rooms, private dining rooms, state-of-the-art movie rooms and study areas.

Portland Crescent will be Vita Student’s second site in the city, with construction on its 376-bed St Alban’s Place scheme already taking place. When both schemes are live, it is projected they will inject £17.7m into the local economy and create 216 jobs.

Mark Stott, CEO of Select Property Group, said: “Leeds is an obvious choice for Vita Student, with three fantastic universities and a community of students who are ambitious and driven. For us, finding the right locations for our residences is key and we’ve done just that with Portland Crescent and St Alban’s Place. We’re looking forward to becoming an engaged part of the Leeds community at our two new Vita Student addresses.”

Cllr Richard Lewis, Leeds City Council’s executive member for regeneration, planning and planning, said: “This is a prime development site at the centre of our civic quarter and our priority is to ensure it is brought back into use.  We have been working very hard to help facilitate that.  Increasingly the area is also a vibrant student hub and our student population makes a significant contribution to the city, both economically and socially.

“Therefore this scheme potentially offers an appropriate use of this location.  I look forward to seeing more detailed plans being brought to us for consideration.”