Additional Investment Secured for Major Leeds Development
October 13, 2015 |
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The Chancellor returned from China with a promised £60 million investment from Hualing Industry and Trade Group for three projects based in the north of England, with a total value of £1.2 billion. Collectively, the projects are expected to create 18,000 jobs and 10,000 homes.
One of the three projects to benefit from this cash injection is Thorpe Park, a £400 million, 200-acre mixed-use development in East Leeds. The scheme aims to deliver a new 250,000 sq ft retail and leisure complex, up to 60,000 sq ft of high quality office space, 300 new homes, and a 113-acre public park with sports facilities.
But that’s not all. One of the objectives of the joint venture between Scarborough Group International and Legal & General Capital is to unlock the construction of up to 7,000 new homes through the development of the 7km East Leeds Orbital Road, which would be a bypass to the existing Outer Ring Road. The road is considered critical to the successful development of the East Leeds Extension. If realised, it would significantly contribute to supplying the city’s housing needs.
The developers predict that the project â€œwill bring enormous economic prosperity to East Leeds.â€