Specialist lender Together has finalised a loan to enable a developer to purchase a piece of unused industrial land, signalling the advent of a new tower in Leeds’ South Bank.
The land, located at the junction of Sayner Lane and Carlisle Road, close to the Royal Armouries Museum, has been acquired by property investors Countrylarge, following the acquisition of the short-term finance.
Antony Rosindale of developers Country Large commented on the potential of the proposed development, saying: “The Sayner Lane site is behind Leeds Dock in the South Bank, which had been undergoing a massive regeneration initiative to greatly improve the area.
“There is a large project currently underway to build homes on the former Tetley Brewery site and other mixed-use developments already underway, with not only homes but medical facilities, a school and later life living units.
“As an urban developer, we believe it’s important to look at brownfield sites, building on previously developed land, which is far more sustainable than building in the countryside. Our strategy is to deliver Build-to-Rent apartments, which will provide good quality homes for young professionals.”
This development is a part of the £500m South Bank regeneration initiative, initially introduced by the Council in 2011, marking it as one of Europe’s largest such projects. The main goal is to eventually expand Leeds city centre’s size twofold.
The Sayner Lane location, which is wedge-shaped and categorised as a brownfield site, already holds an outline planning permission for 150 apartment units, approved last November.
However, the developers are gearing up to present a new application for this 0.2 hectare plot’s sustainable development. Following the finance assurance from specialist lender Together, the proposal is expected to be placed before the Leeds City Council’s planners in the upcoming weeks.
Michael Devanny, corporate sales director at Together, said: “We are currently working with Country Large on other projects in Yorkshire and were impressed with their vision to breathe new life into this derelict corner on the South Bank.
“Our short-term finance allowed the developers to quickly complete the purchase, paving the way for a tower of much needed city centre apartments.
“The latest development proposals will deliver benefits not only in terms of new housing but also through off-site green space improvements in the area, contributing to the transformation of Leeds South Bank as a mixed use community in an expanded city centre.”
