US investor Cortland Group has agreed a deal for the development of a build-to-rent scheme at Marrico Helios’s £300m Lisbon Street project in Leeds city centre.
The joint venture between Marrico Asset Management and Helios Real Estate will see the construction of a £138m BTR element, comprising 629 flats spanning two buildings of 33 and 22 storeys, with 14,000 sq ft of amenity and commercial space. Work is expected to start in summer, with the scheme due for completion in mid-2024.
Marrico partner Richard Bland said: “This will be one of the city’s landmark buildings and we believe it will set new standards in BTR accommodation in the city.”
The wider Lisbon Street scheme will also incorporate 500 PBSA beds and a further two phases for hotels and offices. The site was acquired from Leeds City Council following a competitive tender. Marrico and Helios exchanged contracts last year.
RG Group has been appointed as contractor, with RBA as project manager and DLA as architect. Cortland will own and operate the new homes.
BNP Paribas Real Estate acted for the jv. Simon Williams, head of national markets at BNP Paribas Real Estate, said: “This deal demonstrates that prime BTR-led assets in regional locations are firmly on the international investment radar, and we anticipate more activity in the coming months.”
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