Developer HUB Group and Bridges Fund Management (“Bridges”), a specialist sustainable and impact investor, have acquired two significant sites to the west of Leeds city centre from BAM Properties for £12m.
This is HUB and Bridges eighth partnership deal which builds on their successful track record of delivering well-designed, community-focused residential schemes. The acquisition continues HUB’s expansion into key cities across the UK, following recent planning granted for its 2,000-home mixed-use scheme in Digbeth, Birmingham, and shortlisting for Edinburgh’s £170m Fountainbridge redevelopment scheme.
“Our previous projects with HUB are on course to deliver over 1,500 high-quality homes in growth locations across Greater London, helping to address the shortage of lower-cost and affordable housing in the capital. So we are delighted to be able to join forces again on this exciting new project in Leeds, a city where Bridges has made a number of previous investments. It will allow us to meet the strong local demand for quality lower-cost housing while also tackling a pressing societal need.”Simon Ringer, Partner at Bridges Fund Management
This acquisition also comes shortly after HUB and Bridges secured two major forward funding deals: one with CBRE Global Investors’ Affordable Housing Fund, for Abbey Place, a 245-home scheme in Greenwich, South East London; and another with Realstar for Wembley Link, a 256-home Build to Rent development in north London.
The sites – located on Whitehall Road in the heart of an emerging mixed-use neighbourhood – have existing planning consent for residential and office uses, with one commercial office block and a pocket park already built out. In line with HUB and Bridges’ focus on delivering homes in well-connected locations, the site is located less than ten minutes’ walk from Leeds railway station, with access to regional and national routes.
“HUB has a proven track record of delivering beautifully designed mixed-use schemes in strategic locations, and we are excited to bring that experience to this significant masterplan in the centre of Leeds. Leeds is a dynamic city with a young and diverse population, and this scheme continues our strategy of acquiring sites in ‘lifestyle’ cities – places with strong fundamentals and demand for high quality housing.”Damien Sharkey, Managing Director, HUB
HUB and Bridges plan to deliver a mixed-used scheme incorporating 463 previously consented homes across two blocks – to include Build to Rent and market sale accommodation. The scheme will include a range of amenities that reflect the site’s heritage, making the best of the nearby canal as well as improving pedestrian and cycle routes into the city centre. The partners will be working closely with Leeds City Council to explore options.
The development will also contribute to a wider development drive that is pulling the city’s centre of gravity to the west. It’s directly adjacent to the largest new office development – Wellington Place – as well as several other major new residential schemes.
“Significant investment has poured into this area of Leeds since we designed, built and sold the first Latitude office building in 2008. HUB Group is well placed to conclude these two schemes and we look forward to progressing the remaining Latitude site which has planning consent for 155,000 square feet of quality office space.”Dougie Peters, Managing Director, BAM Properties