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Student PBSA Site in Leeds Hits Market for £72.8m

Posted by Calum Martin in ,

Image courtesy of Flickr, Creative Commons

A development site in Leeds, which is to be transformed into a student accommodation block, has hit the market for £72.8m.

Located on the Briggate, a pedestrianised high street, the future student accommodation block will see the redevelopment of a former House of Fraser store.

The scheme is still awaiting permission from Leeds City Council, however forward-funding offers are now being invited for the redevelopment.

The plans will see the demolition of the existing building and construction of a ten storey building in its place.

The Store House, as the scheme is being named, will comprise 369 beds including 131 studios as well as over 33,000 sq ft of retail space. In order to comply with Leeds' carbon-neutral ambitions for 2030, the scheme is targeting a BREAAM rating of 'Excellent'.

Floors one to nine are set to house the student beds, with associated communal facilities located in the basement and ground floors alongside outdoor amenity spaces and cycle parking.

Property development company Dukelease are behind the plans, which will be delivered under their own development brand Manner.

A spokesperson at at Manner Development commented on the scheme: "We're targeting outmoded buildings that sit on high streets and looking at ways to repurpose them around the lens of the rejuvenation of city centre living."

"We definitely believe in the 15-minute-city principles - the idea that everything should be easy access, and that young demographic groups particularly are continuously priced out the market and unable to live in the locations that they desire."

Advising Manner on the forward-funding deal are Harris Associates alongside Savills.

Head of student accommodation at Harris Associates, James Harris commented: "The scheme is an exciting proposition that represents an evolution in design for the PBSA market. The Store House marks one of few PBSA city centre locations in Leeds, representing the next generation of accommodation for the city."

Director in Savills student accommodation investment, Lizzie Beagley, said: "The funding opportunity offers investors the chance to secure a prime PBSA product with excellent investment and ESG credentials that we believe will attract a high quality investor profile."