A new hotel is to be built in Leeds city centre after a leading chain agreed to take a lease.
Town Centre Securities has agreed a 25 year lease with Premier Inn to create a new 136 bedroom hotel at its Whitehall Riverside scheme.
The Leeds-based property and investment company has worked closely with Leeds City Council on its masterplan for the regeneration of the West End of the City.
Town Centre Securities already has outline consent to deliver 375,000 sq ft of office accommodation spread over three, eight-storey buildings, 18,500 sq ft of restaurant and café space which includes a stand-alone pavilion unit, 8,500 sq ft of leisure space and a 500 space multi story car park all on the south side of Whitehall Road in Leeds City Centre.
Kevin Murray, head of acquisitions in the North for Premier Inn, said: “We are delighted to be investing in this exciting new development in a such vibrant part of Leeds.
“The new 136 bedroom Premier Inn will add another excellent location for our customers as well as delivering fresh investment and creating new jobs for the local area.
“We look forward to working with our development partner, TCS, to bring forward our new hotel.”
The new 9 storey hotel, designed by Cartwright Pickard, will form a key element of the mixed-use scheme and GMI Construction has been appointed to deliver the hotel with completion scheduled for the first quarter of 2017.
Sanderson Weatherall and BNP Paribas acted for Town Centre Securities in securing the deal and WSB Property Consultants LLP represented Premier Inn, on their second deal in the City in the last six months.
Edward Ziff, chairman and chief executive of Town Centre Securities, said; “The Whitehall Riverside development is crucial to the long-term regeneration and vibrancy of the West End of Leeds.
“We have worked closely with the Council on the preparation of the masterplan to ensure that it meets the wider regeneration plans for the area.
“The delivery of a new Premier Inn hotel will support both the existing and future office and leisure development within the vicinity and we are looking forward to seeing work underway in due course.”