New 'tallest tower' student accommodation set for Leeds in £10m property deal

A Leeds office block has been sold in a £10.65m deal that will see it transformed into the city’s tallest student accommodation building.

Arena Point, which is currently a 19-storey office block on Merrion Way, will be demolished to create space for the new 43-storey tower, which will provide accommodation for more than 700 students.

The property has been purchased by Olympian Homes from London & Scottish Property Investment Management (LSPIM), asset manager for Regional REIT.

The completed development will be the tallest purpose-built student accommodation (PBSA) building in Leeds, beating out the 37-storey Altus House.

Stephen Inglis, CEO of LSPIM, commented: “The disposal of Arena Point at nearly 16 per cent above the 2020 year-end valuation concludes the successful long-term business plan for the site; having generated profits after all costs for the site in excess of £9.3m.

“The successful final execution of this ambitious site plan is testament to the capabilities of the asset management team to add considerable value.

“We have a strong and growing pipeline of attractive new acquisition opportunities and intend to reinvest the proceeds of this sale into other mispriced office assets offering similar high returns in terms of yield and capital growth.”