Two thirds of new £23.5m Kirkstall Road development sold
A landmark £23.5m residential development is immediately proving popular, with two thirds of apartments already sold.
This is ahead of the 10-storey building’s completion next month.
The Residence, in Kirkstall Road, is being developed by KMRE Group and consists of 111 generously sized one, two and three bedroom apartments, as well as a selection of penthouses with large terraces and stunning views across Leeds.
It also includes 2,400 sq ft of commercial space and 25 parking spaces.
Kam Mogul, managing director at KMRE, said: “The Residence is a striking building which is already becoming a landmark on the Kirkstall Road corridor, ahead of its completion at the end of November.
“Since we unveiled our plans for The Residence, numerous other robust and well-funded developers have invested in neighbouring sites that will all completely transform Kirkstall Road over the coming years and create a bustling area, with its own identity, where people aspire to live.
"There’s no doubt The Residence will set a benchmark for all the other new developments that are now planned in this part of Leeds.”
The Residence is one of the first scheme to complete within Leeds city centre’s 'Kirkstall Road renaissance'.
As the city centre has grown and expanded, city centre property expert Jonathan Morgan, who was the managing director of Morgans for 22 years before it was acquired by the Linley and Simpson Group, predicts that the Kirkstall Road corridor will be the next area to undergo regeneration, with the road up to the viaduct becoming the new city centre boundary.
The Residence development sits at the very eastern end of Kirkstall Road and is surrounded by sites earmarked for residential development stretching from the Canal Road viaduct to the western end of Wellington Street, which is just a three-minute walk away from The Residence.
These include Clarion Housing Group's Latimer Developments has submitted ambitious plans to Leeds City Council to transform the former chemical works site, which backs onto the River Aire, by building 1,437 new homes, 362 student rooms as well as “leisure, cultural and community floorspace”.
The homes will consist of one, two and three-bedroom apartments and some townhouses, while Latimer also says it will create a riverside park.
Nuvu Living is due to start work nearby on 272 social and affordable homes.
The former Arla site also has outline consent for 630 homes for Marshall CDP and construction work is now well underway on a new apartment development on the former Burley Liberal Club site, at the junction of Willow Road and Burley Road.
Jonathan Morgan from Linley & Simpson with Morgans, said: “Kirkstall Road’s renaissance is now moving forward at pace. KMRE identified the potential early on and with two-thirds of The Residence already sold, it’s evident that buyers share the developer’s confidence.
“Independent operators such as Kirkstall Brewery and Taproom, Archive and My Lahore have also sensed the winds of change and opened new and successful venues, which are helping to distinguish the area’s character, as well as being ideally located for The Residence.
“In addition, residents will benefit from an easy walk to the LGI and Law Courts which are 12-minutes away, the railway station which is a 15-minute walk away and Leeds University or Holbeck Urban Village along the canal, which are both around a 16-minute walk away.
“We’re already generating significant interest in the remaining apartments as the development approaches completion, from both owner occupiers and investors alike. Every home has been designed to be generously sized and the remaining penthouses offer large terraces and far-reaching views.”
He added: "“With more activity than ever before across the key sites along Kirkstall Road and, most significantly, robust and well-funded developers in place, this well-known and highly prominent corner of Leeds city centre is likely to see dramatic change in the next five to seven years.”
Apartments at The Residence start at £152,000 and three bedroom penthouses, with generous south facing terraces, are priced from £463,000.