ISG’s contract is for the construction of an 18-storey tower block housing 242 apartments for the private rented sector.
The whole block has been forward sold to Grainger, a market leader in the build to rent sector. Grainger will own and manage the development.
The 4.6-acre site on the River Aire was cleared in 2014 and work is set to start in early October 2018, with completion expected in early 2021.
The tiered profile of the brick-clad building will incorporate an 11th-floor residents’ lounge overlooking the river.
“We are pleased to progress to the construction phase of this exciting development, our first in Leeds, and one of the city’s first build to rent developments,” said Graiger chief executive Helen Gordon.
ISG regional director Tim Harvey said: “This project will kick start the wider regeneration of this strategic site in Leeds, creating a vibrant new community and improving the public realm in this underused location.”
Paul Fox of Fox Lloyd Jones, acting as agent as well as development manager, added: “Awarding this first phase build contract is a pivotal moment for this much awaited scheme. After lengthy dialogue, and a real committed effort from the professional team, we are pleased to have reached agreement with ISG and site preparation is now underway.
“As it is a prominent gateway site to the city it is essential that we deliver a really high-quality scheme to complement and enhance the rest of the West End development. There is no doubt that this is one of the best locations in the city for further development of a high quality residential scheme and discussions are ongoing with end users for the remaining three phases of the development. The site wide infrastructure installed as part of the first phase will support this future development of the site.”
There are three further plots on the site scheduled for development, with planning approval for c.400,000 square feet across three buildings. “We continue to review our options for differing uses on those plots,” Paul Fox said.