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Yorkshire based Manor Property Group has acquired a key city centre site close to Leeds University campus to provide 600 high-quality student apartments, subject to planning permission.
'Manor Point' on North Street represents a £30-million investment for Manor, which aims to complete the scheme for letting from September 2012. The development incorporates an elegant Carey Jones Architects' design 35 storey tower at the head of Vicar Lane, in a prominent position, overlooking the city – creating a new landmark building in Leeds.
The land is currently occupied by a disused four storey residential property in a structurally dangerous condition and has been acquired from the administrators/funders of Life Homes.
The deal was concluded on behalf of Manor by Leeds based commercial law firm Lupton Fawcett, plus residential property agents Titchmarsh & Co.
"The land has been acquired from the administrators/funders of Life Homes which had intended to redevelop the site of the original CASPAR (City Centre Apartments for Single People at Affordable Rents) scheme which was built over nine years ago by a Japanese company, but was subsequently evacuated after fears it could collapse in high winds," explained Chris Waterhouse, director in the Property Services Group at Lupton Fawcett.
"The acquisition by Manor will enable these dangerous and dilapidated buildings to finally be demolished and replaced by a scheme which will transform the area for the better, subject to planning permission" added Mr. Waterhouse.
The site's strategic position will serve the growing student population, said Guy Titchmarsh from property agents Titchmarsh and Co: "The site is ideally located in relation to The University of Leeds, Metropolitan University, St. James Teaching Hospital and the City Centre with its bus and train station just around half a mile away."
Although the proposed design is dictated by need, renowned Leeds architects Carey Jones have developed an 'elegan' 35 storey tower with due consideration to the Leeds Tall Building Guide which places this site within a string of tall building developments around the A58M.
Commenting on behalf of Manor, Mr Philip Akrill said: "We are delighted to have acquired this prominent site which is centrally located between the various Leeds campuses, public transport hubs and City Centre facilities. The proposed design from Carey Jones provides an elegant building that can only serve to enhance North Street and the surrounding Leeds neighbourhoods, delivering a positive transformation from the current dilapidated state of the Caspar apartments which will be demolished to develop the site."
Mr Akrill added: "This type of purpose built accommodation will meet the growing demand for quality student living in Leeds."
Manor will be seeking support and nomination agreements from the main student institutions in Leeds.
The development will be operated by Manor Student Homes, part of Manor Property Group. A spokeswoman said: "This will be an exciting addition to our growing portfolio of student property and will benefit from our quality and friendly service philosophy that has proved so successful in other student accommodation managed by Manor."
