London-based property developer Neighbour Ltd has acquired the Flax Place site on the east side of Leeds city centre, less than 1km from the city’s retail core. Planning consent for the construction of an 8-storey building on the site, comprised of 195 apartments, a ground floor retail unit, and a basement car park, has been granted by Leeds City Council.
Titchmarsh & Co, a Leeds-based property consultancy, brokered the sale of the 1.3 acre site. The sale and future development of the site has been described as a â€œlandmark moment,â€ as it is the first residential scheme in the east of Leeds to be developed specifically for the private rented sector, linking the established residential area to the east with the city centre.
There was said to be strong competition for the purchase of the site, as it is situated at the junction of Marsh Lane and East Street â€“ a stone’s throw away from the Calls, Kirkgate, the theatre district, and the Victoria Gate development.
Matthew Bagley, director of Titchmarsh & Co, said: “This is not only a further testament to the renaissance of Leeds’ east end but also a sign of the city’s growing appeal to London-based investors, who are recognising the appeal and qualities of Leeds as an investment location.”