Derelict site in Leeds city centre could be transformed into luxury apartments following property deal
The Parklane Group has announced major plans to grow its student and aparthotel business and a deal worth just under £10m for a Leeds city centre site.
The group said it had sealed a landmark deal for one of the city’s last remaining grade A development sites within the central business district. The move will attract investment upwards of £100m into Leeds city centre, the group said.
A spokesman said: “A London based asset manager, on behalf of a Canadian pension fund, has obtained the 0.4 acre site, Bridge House, which will be transformed into luxury apartments to support the long-term rental community. The acquisition further strengthens the value of Leeds city centre prime development land, priced at over £20m per acre.”
The site is opposite the former home of The Yorkshire Post and Yorkshire Evening Post and has been derelict for years.
Naveen Ahmed, Managing Director of The Parklane Group, said: “Following this deal, we are refocusing our energies on growing our two core brands; Roomzzz Aparthotels and market-leading PBSA; IconInc. We have massive expansion plans for both brands and there are very exciting times ahead for The Parklane Group. We’re actively seeking new opportunities in the market place and both brands are now on a trajectory for rapid growth.’’
“In addition to the existing extensive property portfolio in the UK, Leeds is home to more than 600 student rental properties and the award-winning brand, IconInc, which was launched in 2015."
Leeds is also home to three of the group's 11 Roomzzz Aparthotels.
Adam Sims, The Parklane Group’s Development Consultant, continued; “This move puts the business in an even stronger position to continue to grow and develop its extensive property portfolio.”