Specialist lender Together has agreed a loan for a developer to buy a plot of disused industrial land – paving the way for a tower on Leeds’ South Bank.
Property investors Countrylarge have bought the land on the corner of Sayner Lane and Carlisle Road, near the Royal Armouries Museum, after securing the short-term finance facility.
Antony Rosindale, of developers Country Large, said the proposed scheme would provide much-needed homes for young professionals.
It will transform the previously derelict site as part of a wider regeneration project – by breathing new life into a former industrial plot of brownfield land in the city centre.
Mr Rosindale said: “The Sayner Lane site is behind Leeds Dock in the South Bank, which had been undergoing a massive regeneration initiative to greatly improve the area.
“There is a large project currently underway to build homes on the former Tetley Brewery site and other mixed-use developments already underway, with not only homes but medical facilities, a school and later life living units.
“As an urban developer, we believe it’s important to look at brownfield sites, building on previously developed land, which is far more sustainable that building in the countryside. Our strategy is to deliver Build-to-Rent apartments, which will provide good quality homes for young professionals.”
The £500 million South Bank regeneration, first put forward by the Council in 2011, is one of Europe’s largest regeneration projects. The aim of the scheme is to eventually double the size of Leeds city centre.
The wedge-shaped brownfield site at Sayner Lane currently has outline planning permission for a development of 150 apartments, which was granted last November.
However, the developers are preparing a fresh application for the sustainable development of the 0.2 hectare plot.
They expect to submit to planners at Leeds City Council within the next few weeks after securing the finance needed from specialist lender Together.
The lender, which provides commercial and personal finance and has a loan book of £6.4billion, agreed a bridging loan to buy the land.
Michael Devanny, Corporate Sales Director at Together, said: “We are currently working with Country Large on other projects in Yorkshire and were impressed with their vision to breathe new life into this derelict corner on the South Bank.
“Our short-term finance allowed the developers to quickly complete the purchase, paving the way for a tower of much needed city centre apartments. The latest development proposals will deliver benefits not only in terms of new housing but also through off-site green space improvements in the area, contributing to the transformation of Leeds South Bank as a mixed use community in an expanded city centre.”