The development will consist of a single, newly constructed building containing approximately 117 aparthotel units as well as nine ground floor commercial units for shops, cafes and/or bars.
Work on site is expected to start in the first quarter 2019 with completion in 2020. The development will be undertaken as a partnership between Town Centre Securities and Leeds City Council, with the council acquiring a 50% ownership of the completed development.
Edward Ziff, chairman and chief executive at Town Centre Securities, said: "Leeds has seen an influx of visitors and businesses and we are delighted to have secured this scheme to deliver additional accommodation capacity in this sought-after location. We are delighted to be working with Leeds City Council and aparthotel operators and are confident this scheme will further enhance the regeneration of this area of Leeds.”