Torsion and Khalbros to develop £1bn Leeds city regeneration
A joint venture comprising property businesses Khalbros and Torsion Group has completed a “landmark” acquisition of the £1bn Eastgate Quarter development in Leeds.
The deal is designed to unlock a £1bn GDV mixed-use regeneration, in what is being billed as one of the most ambitious city centre developments in the UK.
Located next to Victoria Gate, the site had previously been earmarked for a retail-led masterplan which has been reshaped in recent years.
The joint venture partnership is now progressing a significantly larger, residential neighbourhood which it says is designed to meet the evolving needs of modern city life.
The masterplan will create a fully integrated, mixed-use community, combining purpose built student accommodation and build-to-rent living with workspaces, hospitality, leisure, and lifestyle amenities.
It is expected to play a central role in the next chapter of Leeds’s urban growth.
Dan Spencer, founder & CEO of Torsion Group, said: “This is a landmark moment not just for our company but for Leeds.
“The opportunity to help create a new neighbourhood in such a pivotal part of the city centre is incredibly exciting.
“Eastgate Quarter will stand as a symbol of collaboration and progress. We are proud to play a part in shaping a destination that will support Leeds’ growth and leave a lasting legacy for future generations.”
David Khalastchi joint managing director of Khalbros, said: “Eastgate Quarter is a once-in-a-generation opportunity to reshape one of the most strategically located city centre sites in the UK.
“Together with our investors and joint venture partners, we are committed to delivering a bold and transformational scheme with sustainability, placemaking and design excellence at its core.
“What has been vital to us and Torsion throughout this process, being Leeds-based companies, is that the scheme is being brought to life by predominantly Leeds-based outfits.
“This is about more than development. It is about creating the Leeds of the future, by the people of Leeds.”
Michael Khalastchi joint managing director of Khalbros, said: “Hammerson and Leeds City Council have transformed this part of the city and we are honoured to take on that baton and create something very special.”
Councillor James Lewis, leader of Leeds City Council, added: “Unlocking and securing a new future for this key area of our city centre is testament to the ambition and vision we have in Leeds.
“The regeneration of Eastgate Quarter represents a major milestone for our city, with this landmark investment unlocking new homes, jobs and commercial space, helping to shape a vibrant, inclusive and sustainable future for Leeds.
“We look forward to working closely with the joint venture partners to bring their ambitious vision to life.”
A team led by Judy Fawcett and James Speed at Shoosmiths provided expert legal services for the joint venture in the acquisition.
