Deal secures £200 million Leeds housing scheme

A development partnership has completed a £200 million residential hub deal.

Marrico LLP and Helios Real Estate has bought former Leeds International Swimming Pool land to create a near 600 property scheme.

Bosses say the project, known as the Lisbon Street development, will include 578-build-to-rent units across two storeys, a gym, lounge and communal areas.

Construction is expected to begin in 2025.

The venture follows a 529-room student accommodation build on the site, which is due to be completed next year, and precedes a 188-room aparthotel.

Marrico LLP and Helios Real Estate bought the site from Leeds City Council through a loan from US-based real estate and asset management firm The Ardent Companies.

Mark Barnes, Marrico managing partner, said: “With full planning consent in place, work allow 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, The Ardent Companies’ UK head of debt, added: “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.” 

Legal advice was provided to the joint venture by Square One, and to The Ardent Companies by Addleshaw Goddard.

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