Tetley site sold to international developers in £40m-plus deal

THE Tetley Brewery site has been bought by an international property developer with plans to create a large-scale mixed use scheme.

Vastint, the holding company of the Inter IKEA Property division, has acquired the 8.5-hectare site from Carlsberg in a deal in excess of £40m, TheBusinessDesk.com understands.
Vastint UK Services’ managing director Andrew Cobden described it as a “really special” opportunity to be part of the regeneration of Leeds’ South Bank.
“We are excited about securing this opportunity in Leeds, which is a key milestone in the growth of Vastint’s operations in the UK,” he said.
“It is really special to have the chance to contribute to the regeneration of the South Bank area, having the potential to bring considerable benefits to the city.
“We’re looking forward to engaging with all key stakeholders to bring forward a scheme that is in step with the council vision.”
The Brewery site sits between Asda’s head office and the Royal Armouries, close to the Calls area of the city.
Vastint said it plans “to create a vibrant, well connected and sustainable residential and business community” which is in line with the city council’s planning statement for the area.
The company has already developed a large scale mixed use scheme, called Strand East, in Stratford, London.

“This is an exciting deal with the opportunity to be transformational for not just Leeds South Bank, but for Leeds City Region and the North of England,” said Roddy Morrison, the head of Colliers’ Yorkshire and North East offices who advised Carlsberg UK in the deal.

 
“The former Carlsberg brewery site is one of the largest privately owned city centre development sites, not just in Leeds but throughout Europe.. Unsurprisingly, we received a great deal of interest from truly world class potential investors and developers for this ‘once in a generation’ regeneration opportunity.”
Carlsberg UK will still own The Tetley, the former brewery headquarters which is now an arts and events space, and the company will keep a presence in the office building on site, Tetley’s House.
Bruce Ray, corporate affairs director at Carlsberg UK, added: “We are pleased to have agreed a deal with Vastint, whose plan carries with it a commitment to respect the site’s history and heritage. We now look forward to supporting Vastint on the next stage of the process.”
 

 

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