Developer duo dive into Leeds BTR scheme on swimming pool site
A joint venture between Marrico Asset Management and Helios Real Estate has purchased the site for the second phase of its Lisbon Street development in Leeds city centre.
The site is located on the city’s former International Swimming Pool and was bought from Leeds City Council.
The £200m second phase of the project will provide 578 build-to-rent homes across two towers of 21 and 32 storeys, with associated gym, residents’ lounge and communal areas. Work on site is expected to begin in 2025.
A joint venture between Marrico Asset Management and Helios Real Estate has purchased the site for the second phase of its Lisbon Street development in Leeds city centre.
The site is located on the city’s former International Swimming Pool and was bought from Leeds City Council.
The £200m second phase of the project will provide 578 build-to-rent homes across two towers of 21 and 32 storeys, with associated gym, residents’ lounge and communal areas. Work on site is expected to begin in 2025.
The first phase, a 529-bed student accommodation scheme, is currently in progress and is due to complete in 2025, opening in time for the next academic year. Phase 3 will be a 188-bedroom aparthotel, with construction targeted to begin in 2025.
The site acquisition was financed via a loan from US-based real estate and asset management firm The Ardent Companies. The loan facility is the first by Ardent since it expanded its US debt platform into the UK.
Building on Ardent’s long-standing lending activity in the US, totalling more than $2.3bn (£1.8bn), the new platform is targeting both fresh facilities and debt buying across a range of structured options, with a focus on the UK living sector.
Mark Barnes, managing partner of Marrico, said: “With full planning consent in place, work will begin in 2025, allowing the Lisbon Street development to play an ever-greater role in bringing more investment and growth into the west of Leeds city centre.”
Sunny Lakhtaria, UK head of debt at Ardent, said: “This loan represents an expansion of our US debt platform and is a terrific milestone for the firm.
“The nature of this facility underlines our ability to move swiftly, enabling the acquisition of this prime site with planning in place and, in Marrico and Helios, a highly experienced development team ready to deliver this great BTR scheme.”
Square One provided legal advice to Marrico and Helios; Addleshaw Goddard advised Ardent.
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