Platform_ buys Burberry Leeds HQ
Build-to-rent developer Platform_ has bought an eight-acre development site in Leeds’ Southside area from retailer Burberry.
Platform_ has completed an agreement to buy the land from Burberry subsidiary Sweet Street Developments.
Burberry purchased the wider 10-acre site for £15.6m in 2015, and sold a chunk to CEG last year for £3m. According to filings for Sweet Street Developments, the remaining land and assets were valued at £11.6m at the end of March 2020.
Build-to-rent developer Platform_ has bought an eight-acre development site in Leeds’ Southside area from retailer Burberry.
Platform_ has completed an agreement to buy the land from Burberry subsidiary Sweet Street Developments.
Burberry purchased the wider 10-acre site for £15.6m in 2015, and sold a chunk to CEG last year for £3m. According to filings for Sweet Street Developments, the remaining land and assets were valued at £11.6m at the end of March 2020.
The site previously had consent for more than 712,140 sq ft of residential space, under planning application reference 12/02031/EXT, granted in 2013 via Arndale Properties. It is thought to have capacity for more than 800 homes.
Leeds’ Southside area has attracted a number of BTR funders pursuing larger schemes in the regions.
The Burberry site sits opposite Dandara Living and ECE’s 744-flat Leodis Square build-to-rent scheme. Caddick Developments has a 300-flat City One scheme and a further 700 homes from Montpelier Estates, also on Sweet Street. Nearby, L&G is funding 500 flats at neighbouring schemes Tower Works and Mustard Wharf.
Platform_ aims to lodge fresh plans for a scheme including build-to-rent and private sale homes, alongside office space and other ancillary uses.
The developer recently completed a £75m equity deal with Northwood Investors to fund a portfolio of more than 1,000 flats in Sheffield, Cardiff and Glasgow. Platform_ is also developing 527 homes in Edinburgh, at the former John Lewis site on Bonnington Road.
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