Leeds residential development site sold for £3.5m

Monk Bridge, on Whitehall Road in Leeds, has been sold by JLL for £3.5m to a new joint venture vehicle.

Julian D’Arcy’s Foundation Real Estate and Alpha Real Trust has bought the 4.2 acre site, which has planning permission for 269 residential apartments in two buildings along with ground floor commercial space.

A previous consent on the site for 720 apartments provides confidence that planning for a wider scheme will be approved.

The intention is to resubmit for planning to develop the site to provide a mixture of private rented accommodation in addition to apartments for sale.

Charles Calvert, head of JLL’s Residential team in Leeds, who advised on the sale, said: “Monk Bridge was purchased unconditionally and is one of many development sites in Leeds city centre that have changed hands recently.

“This is the latest of four significant residential sites JLL has sold in Leeds within the last four months, which have the combined potential to deliver over 2,000 new apartments over the coming years. Confidence is high and real opportunities exist for further investment and development in the city as the residential market looks set to take off.”

The Monk Bridge site, which is located to the west of Leeds city centre, is bounded by further residential development to the north, the Leeds Liverpool Canal to the east and includes a disused railway viaduct which will be integrated into the scheme.

Listed building consent for the restoration of the railway arches was approved in October 2014 and this is seen as having the potential for commercial and leisure development to create a vibrant mixed-use scheme.

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