Gregory Property Group has announced forward funding and started on site to deliver a prominent, new 407-bed student residential scheme on the edge of Leeds city centre.
Planning consent was granted in November last year for the £30 million plus scheme located on a prominent site on Bingley Street. Until recently, the site was occupied for more than three decades by Maxi’s restaurant; the first purpose built Chinese restaurant in the UK.
Gregory Property Group has secured forward funding from Curlew Alternative Asset Management (Curlew) and subsequently appointed Leeds based GMI Construction Group with a £21.5million contract to build ‘The Refinery’.
Ian Scott, Head of Investment Management for Curlew said “We are delighted to provide the forward funding for The Refinery. It will provide high quality accommodation for students and will be a further excellent addition to our portfolio of student accommodation across the United Kingdom.”
Barry Gregory, Chairman of Gregory Property Group said “We are pleased to have secured funding for an immediate start on site. The scheme’s design is impressive, delivering high quality accommodation for Leeds students in a prime location that connects student life to the vibrant city centre in a matter of minutes.
“Leeds remains a top ten university destination in the UK and with a growing student population of around 60,000 students the city needs more homes. We expect to complete the development in time for occupation from the September 2020 University term and Fresh Student Living will be managing that occupation on behalf of Curlew.”
Gregory Property Group is a long established, local developer responsible for a number of landmark developments in Leeds including office schemes on Wellington Street and Whitehall Road and also delivered the award winning £40 million Broad Street Plaza mixed use scheme in Halifax.
Curlew is a multi-award winning investment manager with a strategy to invest in alternative real estate sectors. This scheme will be Curlew’s 28th purpose-built student accommodation asset across two specialist funds totalling around 9,000 rooms.
Cushman & Wakefield’s Manchester office and Michael Leonard of Carisbrooke Estates acted on behalf of Gregory Property Group in the acquisition of the site and forward funding. Montagu Evans represented Curlew.
Russell Hefferan of Cushman & Wakefield said “We have been delighted to advise Gregory Property Group on the forward funding of this asset within a prime location of the Leeds student market. In Leeds demand for PBSA remains strong, especially when advised on the right micro-location. The proposed scheme’s specification and cluster/studio mix is an excellent fit for students’ requirements for accommodation in Leeds.”
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