Derelict land in Leeds is set for 'stunning' luxury apartments after a developer secured a 'landmark deal for just under £10m.
The Parklane Group, which owns Roomzzz Aparthotels and IconInc student accommodation, has sold the abandoned Bridge House site, opposite the former Yorkshire Post and Yorkshire Evening Post offices in Leeds city centre.
A London based asset manager, on behalf of a Canadian pension fund, has taken on the 0.4 acre site, Bridge House, which will be transformed into luxury apartments.
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The developer said it has plans to transform the 0.4-acre site into 'stunning apartments' and says the deal will attract more than £100m of investment into Leeds city centre.
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Parklane Group says the sale will allow it to focus on its 'core brands.'
Naveen Ahmed, Managing Director, said: "Following this incredible deal, we are refocusing our energies on growing our two core brands; Roomzzz Aparthotels and market-leading IconInc.
"We have massive expansion plans for both brands and there are very exciting times ahead for The Parklane Group. We’re actively seeking new opportunities in the marketplace and both brands are now on a trajectory for rapid growth."
Adam Sims, The Parklane Group’s Development Consultant, said: “This move puts the business in an even stronger position to continue to grow and develop its extensive property portfolio.
"It is testament to Naveen’s long-term vision, foresight and determination to succeed and will allow the team to explore the strong pipeline of opportunities across the UK.”
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