Legal & General (L&G) expects to be able to begin construction on the £60m scheme in early 2018, with practical completion aimed for early 2020.
The Leeds site, Mustard Wharf, has been acquired from U+I in partnership with CTP, and has permission for 250 homes as well as 8,640 sq ft of commercial and amenity space.
Leeds becomes the fifth city for L&G’s built to rent business and its total BTR pipeline now stands at 1,400 units with a total gross development value of £420m.
L&G sites in Bristol, Bath and Walthamstow are progressing well, the company said, and residents start to move into its first scheme in Salford in June.
L&G fund manager Dan Batterton said: “In our view Mustard Wharf is the ideal location for a BTR scheme in Leeds. It is close to major transport links and local amenities, and complements the wider regeneration of the local area, supporting job growth and the local economy over the long term. We are excited that we are going to create a new standard of rental accommodation and service in a thriving community.”