Work begins on £30m 407-bed residential scheme
A developer has secured forward funding and started on site to deliver a £30m 407-bed student residential scheme on the edge of Leeds city centre.
Gregory Property Group gained planning consent in November last year for the scheme on Bingley Street. Until recently, the site was occupied for more than three decades by Maxi’s restaurant; the first purpose built Chinese restaurant in the UK.
The firm has secured forward funding from Curlew Alternative Asset Management (Curlew) and subsequently appointed Leeds based GMI Construction Group with a £21.5m contract to build ‘The Refinery’.
The 9, 10 and 11-storey scheme, designed by award winning AHR Architects, comprises studios and bedroom clusters with terrace and garden features. Facilities will include share social hubs, a cinema, gym, games room, concierge and state-of-the-art 24-hour security.
Ian Scott, Head of Investment Management for Curlew said: ““We are delighted to provide the forward funding for The Refinery. It will provide high quality accommodation for students and will be a further excellent addition to our portfolio of student accommodation across the United Kingdom.”
Barry Gregory, Chairman of Gregory Property Group added: “We are pleased to have secured funding for an immediate start on site. The scheme’s design is impressive, delivering high quality accommodation for Leeds students in a prime location that connects student life to the vibrant city centre in a matter of minutes.
“Leeds remains a top ten university destination in the UK and with a growing student population of around 60,000 students the city needs more homes. We expect to complete the development in time for occupation from the September 2020 University term and Fresh Student Living will be managing that occupation on behalf of Curlew.”
Cushman & Wakefield’s Manchester office and Michael Leonard of Carisbrooke Estates acted on behalf of Gregory Property Group in the acquisition of the site and forward funding. Montagu Evans represented Curlew.
Russell Hefferan of Cushman & Wakefield said: “In Leeds demand for PBSA remains strong, especially when advised on the right micro-location. The proposed scheme’s specification and cluster/studio mix is an excellent fit for students’ requirements for accommodation in Leeds.”
