A LONG-AWAITED development in East Leeds that promises to create thousands of jobs has moved a significant step closer after a £162 million investment deal.
Pensions and insurance giant Legal and General has bought a share of the Thorpe Park business park and promised to provide the funding to extend it over five years.
The expansion of Thorpe Park is expected to create 3,000 construction jobs and a further 10,000 once businesses move in.
The project also promises to unlock land for around 7,000 homes through the construction of the first section of the planned East Leeds Orbital Road.
Legal and General will deliver the extension in partnership with Thorpe Park’s developer Scarborough Group, the property empire chaired by Sheffield United co-chairman Kevin McCabe.
Simon Marshall, senior excutive at Scarborough Group, said: “We believe that this scheme is a once-in-a-generation opportunity for East Leeds.
“In partnership with Legal & General and with the council’s on-going support, we are confident that in we can create a truly unique and forward thinking mixed-use community that will contribute hugely to the economic prosperity of the area, creating new jobs, homes and facilities for East Leeds.”
Thorpe Park is already a significant development and is home to large scale offices, restaurants and a hotel.
Earlier this year it received planning permission for the first phase of the extension.
The Thorpe Park plans are part of the wider East Leeds Extension which will include the creation of a new 113-acre public park.