Funding deal will enable redevelopment of prominent listed site
A joint venture partnership between Asset Capital and Prescient Capital, has secured funding to allow redevelopment of a pair of vacant landmark buildings opposite the Town Hall in Leeds city centre.
Senior debt facilitator, BLG Development Finance, has committed funds for the redevelopment of 26 Great George Street, the Grade II listed former Victoria Commercial & Family Hotel and adjacent Shenanigans pub which closed at the start of the pandemic.
Built in 1865 The Victoria Hotel was an ale house with 28 bedrooms situated above, while the latter Shenanigans pub occupied the former Masonic Hall and Central Tower.
Last month, Stirling Prescient secured full planning consent from Leeds City Council to redevelop the site into purpose-built student accommodation (PBSA) on the upper levels while retaining the ground floor pub and leisure provision.
The team behind Kirkstall Brewery and Whitelock’s Ale House have pledged to restore the pub to its former glory, while the partnership will deliver 54 studio student bedrooms with modern facilities including a concierge, communal lounges, a gym, bin store, TV room and laundry.
Redevelopment involves partial demolition of the existing buildings with a rear extension rising four storeys. The Victorian exterior façade will be restored, protecting heritage value.
Daniel Newett, of Asset Capital, said: “We are happy to partner with BLG to bring forward this important regeneration and conservation project.
“Our plans will help to preserve this historic pub for future generations to enjoy whilst also making best use of the wider plot for much needed new student accommodation.
“The JV team is local to the area with considerable understanding and expertise in the long-term viability of commercial estate development and an extensive portfolio of successful student led schemes.”
Established in 2003, BLG is a principal lender specialising in residential development finance.
Perry Kurash, head of new business at BLG, added: “We are pleased to be working with such a highly professional team on this really exciting project.
“I am sure it will be a great success and will serve the city extremely well.”
headoffice3, a locally based specialist in office to residential conversions, have been appointed to carry out the redevelopment.
Works started on site this month with a view to complete the project for occupation by the end of 2024.
Planning consultants, Quod, NW Architects and Montagu Evans are advising on the project. Prestige Student Living, a brand of Homes for Students, will manage the accommodation.