Global interest in £50m conversion project

A £50m plus mill conversion in Leeds is attracting buyers from around the world.

The apartments at the Victoria Riverside development in Hunslet have been snapped up by investors from as far afield as Australia, Hong Kong, America and the Middle East.

John Mulleady, Managing Director of developer JM Construction (Leeds), said: “Interest from overseas investors has been exceptional. They see Leeds as a city which is on the up and the demand for quality accommodation from people relocating to the area means they can expect a positive return on their investment.”

All 85 apartments in phase one are now sold with 100% occupancy levels reported, including owner occupiers. Work on phase two has only recently started and already seven of the 74 one and two bedroom apartments have been reserved. Prices in phase two start from £120,000.

On completion, Victoria Riverside will extend to about 350 units, including roof top penthouses. There are also plans for an on-site convenience store.

The scheme includes the conversion of a former Grade II and Grade II* Listed flax spinning mill and some new build blocks on the brownfield site, next to the River Aire. The phased delivery plan is expected to take four years to finish.

Trevor Mitchell, Historic England Regional Director (North East and Yorkshire), said: “JM Construction and their professional services partners are to be applauded for their vision and commitment to such an ambitious project.

“Textile mills were once the workshop of the world and the original northern powerhouse. They are fundamental to the history, culture and landscape of northern England.

“As Victoria Riverside demonstrates, mills are full of character and make for wonderful homes, work places and cultural spaces. Not only do they offer a tangible link to the past, they also deserve to be restored to their former glory and enjoyed by current and future generations.”

Architectural services are being supplied by Bradford-based Beckwith Design Associates.