Investment and development firm Town Centre Securities has been chosen to develop a major new £20m scheme in Leeds city centre.
The Leeds-based firm has been selected by Leeds City Council to develop a new scheme in George Street, Leeds. The total development value is expected to be £20m and work on site is due to commence first quarter 2019 with completion in 2020.
The development will consist of a single, newly constructed building containing approximately 117 separate aparthotel units as well as nine ground floor units for a range of commercial uses, including retailing, cafés and restaurants, bars or takeaways. The aparthotel’s units are expected to be divided as 82 studios, 31 one-bedroom and four two-bedroom units.
The development will be undertaken as a partnership between TCS and Leeds City Council, with the Council acquiring a 50 per cent ownership of the completed development.
Edward Ziff, Chairman and Chief executive at Town Centre Securities commented: “Leeds has seen an influx of visitors and businesses and we are delighted to have secured this scheme to deliver additional accommodation capacity in this sought-after location. We are delighted to be working with Leeds City Council and apart hotel operators and are confident this scheme will further enhance the regeneration of this area of Leeds.
“Our development programme, which focuses on both creating and improving investment properties from within our portfolio, and seeking new opportunities such as this one, offers considerable potential for value creation. The programme continues to progress well and is expected to drive increases in rental income and capital value in our portfolio.”