£40m deal set to transform former Yorkshire Post site into city centre apartments

An 18-storey residential scheme is set to be built on the former Yorkshire Post Gateway site on Wellington Street in Leeds City Centre.

YP Real Estate, which owned the site, has announced that contracts have been exchanged for the delivery of a large first phase development.

Once complete, the scheme will offer 242 apartments aimed at the Private Rented Residential Sector (PRS), along with some ancillary commercial spaces at ground floor and basement parking.

Grainger Plc has committed to purchase the site for £40m subject to receipt of detailed planning consent for the building which has been designed on a bespoke basis to meet Grainger’s detailed specifications.

This residential scheme will be Grainger’s first purpose-built, PRS development in Leeds.

The building will occupy a south facing riverside plot on the 5-acre site, which also has outline planning consent for a further three blocks earmarked for Headquarters Office Buildings.

A planning application is set to be submitted in October with delivery of the scheme expected to be complete in mid-2019.

Paul Fox of Fox Lloyd Jones acting as development managers on the scheme, said: “There has been much talk about the drive for build to rent schemes in Leeds and other key provincial cities to respond to changing market dynamics and it is exciting that this will be one of the first real schemes to come out of the ground in Leeds.

“With such a high calibre operator on board we are very positive over the detailed planning dialogue ahead and excited to be kick starting a high quality regeneration of an iconic Leeds site.”

Helen Gordon, chief executive of Grainger, added: “We are pleased to announce this sizeable PRS build-to-rent acquisition that will deliver 242 new, purpose-built rental homes in Leeds city centre.

“Leeds is a vibrant city which holds all the key characteristics of our PRS investment strategy, including a large professional workforce and significant economic growth potential.”

Walker Morris solicitors acted for the landowner and Pinsent Masons represented Grainger.

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