Holbeck Portfolio acquired for £9.6M
02 Sep 2015
The Holbeck Portfolio, a collection of prime development sites in the heart of one of central Leeds’s key regeneration areas, has been acquired by Commercial Estates Group (CEG) for £9.6m.
Royal Bank of Scotland has sold the portfolio, which totals 5.86 acres, in a deal that was completed quickly by Yorkshire-based property specialist Gent Visick.
The portfolio comprises seven separate plots in Holbeck Urban Village on the Leeds South Bank – a major area of regeneration. The plots consist of a mixture of cleared land, income producing and vacant industrial premises.
CEG has been actively assessing the potential for the Southbank Regeneration Area in Leeds for more than a decade. The company attempted to acquire the Tower Works site in 2005 but was outbid by the Government Agency, Yorkshire Forward.
CEG is already developing a key Leeds site, as the Group acquired the 56 acre brownfield site, Kirkstall Forge, in 2003. Investment is underway to open a new railway station on the site later this year, unlocking the potential for more than 1,000 new homes and 400,000 sq ft of high quality commercial and leisure space. Having worked closely with Leeds City Council, the Local Enterprise Partnership and Leeds West MP on the Kirkstall Forge development, CEG is committed to continuing its investment in Leeds City Centre.
Jon Kenny from CEG said: “We sought to acquire the Tower Works development a number of years ago and have been assessing the potential for the Southbank Regeneration Area for more than a decade. When the opportunity arose to acquire the Holbeck Portfolio, we were in a very strong position to swiftly appraise the opportunity and invest.
“This is a key city centre destination and our proposals will mix some of the area's historic architecture with iconic new buildings befitting of a new city quarter. This is a real opportunity for our key landholdings to drive the regeneration of this wider area.”
The proposals, which are set to be unveiled later this year include a vibrant mix of high quality offices, residential, bars, restaurants and leisure facilities putting this new quarter on the Leeds city map as a place to live, work and visit.CEG was advised by Fox Lloyd Jones. Paul Fox from Fox Lloyd Jones said: “We, alongside CEG, identified the importance of acquiring the Holbeck Portfolio in its entirety, rather than piecemeal, to create the platform for a comprehensive regeneration of this hugely important part of Leeds city centre.
“The critical mass of high quality development that can be delivered on a combined site of this size makes it a very strategic purchase and we are excited about moving the scheme ideas forward with the design and delivery team.”