A consortium of Singapore investors buy giant Leeds regeneration site
14 Jul 2015
A regeneration site in Leeds city centre earmarked for four residential towers rising up to 40 storeys in height has been bought by a consortium of Singapore investors.
The consortium, which is led by boutique developer Heeton Holdings, has purchased a 2.45-acre mixed-use site on a plot of land off Bridge Street.
The scheme has full approval for more than one million sq ft of space, including 843 apartments, a 204-bedroom hotel, 4,300 sq ft of retail space, a gym, swimming pool and a 637-space car park, which is arranged over four buildings, ranging from 23 to 40 storeys.
Heeton Holdings has bought the land alongside KSH Holdings, Lian Beng Group and Ryobi Kiso Holdings. The deal is the second UK investment the consortium has made in the past four months following its maiden acquisition in Hammersmith, London, in March.
"This site will be a great addition to the consortium's land bank. According to our studies, the current residential demand in the area outstrips the supply with a 99 per cent occupancy rate," said Vince Toh, chief executive of Heeton.
"There has been high demand for quality apartments in core locations close to our site. On top of that, this site can be further developed into a range of assets that can cater to the various needs of the diverse economy."
In a statement, the consortium added it would perform "extensive studies" on the plot before finalising its development plan to ensure it remains "relevant to current and long-term demand trends".
Choo Chee Onn, executive chairman and managing director of KSH, added: "The prime site is situated within the Leeds city centre where there is high growth potential and development flexibility. Given the right environment and proper nurturing, we are confident that this investment will bear the fruits of our labour in the future."
The consortium cited Leeds' large student population, key developments such as Trinity Leeds and the First Direct Arena, and the upcoming HS2 high speed project as being drivers behind its decision to invest in the city.