Latest news from BusinessLive's Commercial Property newsletter
| | | | By Coreena Ford  Thu Jan 23, 2025 | | | | | |
| | | | | £54m deal paves way for 32-storey Sky Gardens residential tower set to dominate Leeds | | | | | | Plans to transform a Grade II-listed former mill in Leeds into a scheme featuring one of the tallest towers in the city have taken a leap forward thanks to a a £54.4m loan deal.
Real estate finance provider Maslow Capital has provided the loan to back a joint venture between CityLife and Torsion Group, which is set to develop the landmark Sky Gardens scheme in the city.
A brownfield site which is just under one acre in size will be turned into Sky Gardens, a huge build-to-sell scheme with 306 homes set across the 32-storey skyscraper – which is set to become one of Leeds' tallest buildings – and a three-storey refurbished former mill.
Once finished, apartments will range from studios to three-bedroom homes to cater for different residents, and the project will also include a number of "premium" on-site facilities including a gym, a cinema room, a luxury residents reception lounge, and the 'Sky Garden' – a stunning rooftop area with 360 degree views across the city from the top floor. The development will also include two commercial units.
The developers say Sky Gardens embodies Leeds' ambitious spirit.
Gareth Morgan, managing director at CityLife, said: "Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit. This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today's residents." Read more | | | |  |
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| | | | | Former Newcastle Sports Direct store to become new home for banking giant | | | | | | Meanwhile in Newcastle, a historic building in the city's prime Grey Street will soon become empty after it was confirmed that Lloyds Bank is on the move.
The bank is relocating into the multimillion-pound redevelopment of the former Sports Direct store at Monument Mall - becoming the first tenant to officially sign up to the scheme.
Billionaire real estate entrepreneurs Reuben Brothers, part owners of Newcastle United, snapped up Monument Mall in a reported £37m deal four years ago through its investment vehicle, a deal which triggered major investment at the large property which has luxury shops, bars and restaurants.
Former tenant Sports Direct moved out of its Northumberland Street building to set up shop across the street, and hoardings have surrounded the former sports shop for a number of months while a construction team strips back the property – previously home to retailers including Burtons and Woolworths – to create new commercial units for new tenants.
The firm said it is taking two floors in the building, with the new branch based within the ground floor, providing "a more modern, accessible space for both our colleagues and customers". Read more | | | | | |
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| | | | Is there something specific you'd like us to write about or just some feedback to share? Send an email to Coreena Ford Don't forget to check our Commercial Property section regularly for our most recent stories and if you've been forwarded this newsletter and want to receive it each week, sign up here to have it delivered direct. |
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