Sale of £80m Mabgate Yard BTR completed by HBD

HBD completes the sale of the £80m GDV Mabgate Yard Build to Rent development to Cheyne Impact Real Estate.

CGI of the Mabgate Yard Build to Rent development in Leeds | HBD | Cheyne Impact Real Estate | BTR News
CGI of the Mabgate Yard Build to Rent development in Leeds.

Developer HBD (Henry Boot) announces the sale of its £80m GDV Mabgate Yard Build to Rent development in Leeds. Cheyne Impact Real Estate have been selected to bring the scheme forward.

HBD secured planning permission for Mabgate Yard in September 2023. The Build to Rent scheme will deliver 310 new apartments alongside amenities including co-working spaces, creative areas and new green space.

Since acquiring the site in December 2020, HBD has provided space for several local charities, including Zarach and MAP Charity, which transformed the building with a 26 ft mural during a workshop for children between 11 and 16 years old.

“Mabgate Yard is a fantastic scheme located in one of Leeds’ most unique neighbourhoods. Following extensive community consultations, we were keen to ensure that the development would be both high quality and have a significant affordable element and identified Cheyne Capital to bring it forward, focusing on delivering social value into an up-and-coming area like Mabgate.

“The development occupies a key strategic gateway site between St James’ Hospital and Leeds city centre and has real potential to create a thriving community in one of the city’s most popular emerging neighbourhoods. As a long-term investor in the city and the wider region, it was important to HBD that we entrust the site to the right buyer with aligned interests. We look forward to seeing Mabgate Yard take shape in Cheyne’s very capable hands.”

Ed Hutchinson, Managing Director (MD), HBD

Cheyne Impact Real Estate launched in 2014 to tackle housing challenges in the UK through tailoring its housing investment strategy for each location and community, with an aim to address the specific local needs.

“We are looking forward to delivering Leeds City Council’s vision through Mabgate Yard. Mabgate is an exciting emerging neighbourhood, full of character, historic buildings and a strong independent creative community. It is undergoing vast regeneration, is on the doorstop of Leeds city centre and offers excellent connectivity into Leeds and surrounding areas. Mabgate Yard will be a best-in-class Build to Rent scheme of up to 310 apartments, providing a significant amount of well-designed amenity space, landscaped gardens, enhanced public realm and ground floor commercial offerings.

“In keeping with our investment philosophy, we will create a high-quality residential scheme to complement the local requirements of this emerging area, adding to our growing portfolio of impact-led and community-centric investments. Mabgate Yard provides an opportunity to deliver a bespoke solution to create the heart of a thriving neighbourhood in an emerging area. We intend to harness the local knowledge of the experienced team we are working alongside, to create a well-considered development for the local community.”

Ehtizaz Chaudhry, Cheyne Impact Real Estate

This latest deal follows the launch of Poplin last year, the alternative asset manager’s impact Build to Rent scheme in Manchester, where 35% of homes are voluntarily reserved for local key workers at discounted rents and all rental increases are capped. Poplin is currently ranked number one out of 55 places to live in Manchester on tenant review platform Homeviews.