Together secures loan for Sayner Lane Build to Rent scheme

Together agrees a loan for Countrylarge to buy a site at Sayner Lane to deliver a multi-million-pound Build to Rent scheme.

CGI image of the Sayner Lane Build to Rent scheme in Leeds | BTR News
CGI image of the Sayner Lane Build to Rent scheme in Leeds.

Specialist lender Together has announced that it has agreed on a loan for a developer to buy a plot of disused industrial land – paving the way for a Build to Rent tower on Leeds’ South Bank. Property investors and developers Countrylarge have bought land on the corner of Sayner Lane and Carlisle Road, nearby the Royal Armouries Museum, after securing the short-term finance facility.

The wedge-shaped brownfield site at Sayner Lane currently has outline planning permission for a development of 150 apartments, which was granted last November. However, the developers are preparing a fresh application for a sustainable development on the 0.2-hectare plot, to provide much-needed homes for young professionals.

“The Sayner Lane site is behind Leeds Dock in the South Bank, which had been undergoing a massive regeneration initiative to greatly improve the area. There is a large project currently underway to build homes on the former Tetley Brewery site and other mixed-use developments already underway, with not only homes but medical facilities, a school and later life living units. As an urban developer, we believe it’s important to look at brownfield sites, building on previously developed land, which is far more sustainable than building in the countryside. Our strategy is to deliver Build to Rent apartments, which will provide good quality homes for young professionals.”

Antony Rosindale, Country Large

The proposed plans will transform the previously derelict former industrial site in Yorkshire as part of a wider regeneration project. The £500m South Bank regeneration, first put forward by the Council in 2011, has been identified as one of Europe’s largest regeneration projects. The aim of the Sayner Lane scheme is to eventually double the size of Leeds city centre.

“We are currently working with Countrylarge on other projects in Yorkshire and were impressed with their vision to breathe new life into this derelict corner on the South Bank. Our short-term finance allowed the developers to quickly complete the purchase, paving the way for a tower of much needed city centre apartments. The latest development proposals will deliver benefits not only in terms of new housing but also through off-site green space improvements in the area, contributing to the transformation of Leeds South Bank as a mixed-use community in an expanded city centre.”

Michael Devanny, Corporate Sales Director, Together

Countrylarge expects to submit a new planning application for Sayner Lane to Leeds City Council within the next few week after securing the finance needed from specialist lender Together. The company, who provides commercial and personal finance and has a loan book of £6.4bn, agreed a bridging loan to buy the land.