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£152m funding deal paves way for more than 600 riverside apartments to be created in Leeds

2025-03-25 05:56:04 By

A CGI of the new housing scheme in Leeds

More than 600 riverside apartments are set to be built in Leeds following a £152m deal to forward fund the development.

Real estate investment manager Barings has struck a deal with Glenbrook to fund the huge project, which will include build-to-rent and build-to-sell homes near Leeds city centre. Residential developer Glenbrook will retain a stake in the scheme in the joint venture, and will act as the development manager.

The scheme on Kirkstall Road has been acquired on behalf of a US insurance company, and will deliver 618 one, two and three bedroom apartments set across five buildings within landscaped grounds next to the River Aire. The five-acre site will include over 10,000 sqft of amenity space including a residents’ lounge, co-working and gym, two private roof terraces and 3,800 sqft of commercial space.

Construction has started and is expected to be completed by the end of 2027. All apartments will have air source heat pumps, with PV panels supplying a portion of electrical needs. The project marks the fourth build-to-rent led development that Barings and Glenbrook have collaborated on, following the forward funding of the Vox, the acquisition of The Trilogy in Manchester and The Keel in Liverpool.

Ben Pile, head of European residential investment and asset management at Barings Real Estate, said: “Leeds represents a significant opportunity for growth for institutionally developed and operated residential property as the UK’s fourth biggest city, featuring a lively population of young professionals thanks to a strong employment market and significant graduate retention rate.

"Given the stabilising economic and political environments in the UK and as we enter a new real estate cycle in Europe, we expect the picture for residential property – and indeed our other preferred sector of logistics – to become even more positive and are, therefore, actively seeking further opportunities to deploy capital on behalf of our partners.”

Gunther Deutsch, managing director and head of European transactions and country head Germany at Barings Real Estate, said: “Barings has significantly grown its living sector exposure over the last three years so that it is now our second biggest European real estate sector aside from logistics.

"This is because we see it as boasting favourable tailwinds in the UK and across Europe, and therefore remains a focus of our capital sources and our teams on-the-ground in all of our core European markets.

"For 2025 we are currently already working on a secured investment pipeline worth €745m with six transactions in four countries. We continue to seek investment opportunities with partners across our preferred jurisdictions of the UK, the Nordics, the Netherlands, Germany, Italy, France, and Spain.”

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Commercial Property

Humber property firm Clark Weightman snapped up by national group Sanderson Weatherall

2025-03-25 05:56:04

A Hull property consultancy has been snapped up by national business Sanderson Weatherall to expand its regional presence. Clark Weightman, Hessle-based chartered surveyors and commercial property consultants, has become the 11th UK office for its new owners and it will maintain its name to trade as Clark Weightman, part of Sanderson Weatherall. The acquisition has been made to bolsters Sanderson Weatherall's presence in the Humber, East Yorkshire, and northern Lincolnshire regions, including the key port locations of Hull and Grimsby. The move also expands the firm's service offering to clients across various sectors. The Clark Weightman founders all previously worked for a regional firm before establishing the business, which has over 25 years of experience in the regional property market, with expertise in agency, business rates, property management, lease consultancy, valuation, healthcare, dispute resolution and public sector consultancy. David Rastrick, COO at Sanderson Weatherall said: “We are delighted to welcome Clark Weightman to the Sanderson Weatherall family. This acquisition aligns perfectly with our vision to further solidify our position as a leading SME in the property industry, with a strong local and regional presence. “Sanderson Weatherall, a certified B Corp, has established high standards for environmental and social impact, and a robust approach to governance. This has made the firm an attractive partnership option when you also consider the benefits that come from economies of scale for smaller companies concerned about the increasing financial burden and mandatory requirements, which continue to be introduced and implemented by Government and regulatory bodies.” Andrew Clark, director at Clark Weightman, added: “We recognise the growth opportunities in our region and are excited to join forces with Sanderson Weatherall, a highly regarded and well-established firm with national reach. This partnership will allow us to leverage their B Corp status and other accreditations, enabling us to offer our clients a broader range of services and expertise. It will also create exciting new professional development opportunities for our employees. “There will be no change in our personnel with myself, Simon Weightman and Carl Bradley joining as partners and other staff members continuing in their existing roles.” Mr Bradley added: “This is an exciting time for me and the Clark Weightman team. We have enjoyed a good working relationship with Sanderson Weatherall over recent years on a number of successful joint agency instructions and look forward to building that relationship in the future now that we have joined forces and become part of their business. I am sure our clients will share that excitement and will benefit from our expert local market knowledge whilst being part of a larger national consultancy.” Mr Weightman added: “This is the result of 12 months of active positive discussions which has resulted in the merger of our two firms. I’ve known some of the Partners of Sanderson Weatherall for many years, having graduated with Dan Hardy and Andrew Ellis back in 1989. I can’t wait to introduce my current and future clients to our wider range of services that this national consultancy can provide.”

Commercial Property

Wheelchair manufacturer opens new HQ in Cornwall

2025-03-25 05:56:04

A Cornwall-based wheelchair and walker manufacturer has opened a new head office in Hayle. Rehasense UK has moved into a 2,500 sq metre space after outgrowing its previous, smaller premises. The business, which employs 15 staff, had originally planned to move offices in 2026, but said it changed its plans after experiencing "rapid growth". According to the firm, the relocation will allow it to increase its stock levels and fulfil orders more quickly. Rehasense was founded in Hong Kong in 2010 and the UK business was established in 2018. The company sells through a network of UK dealers. “One of the issues we faced in 2024 was the longer than expected shipping times which meant it has not always been easy to get the right balance," said Lee French, regional director of Europe for Rehasense. "Some days the warehouse could be 100% full and then the next day it could be empty, which would have an adverse effect on our delivery timescales to our dealers, which we have always prided ourselves on since our first day in business back in 2018. That is why we have made this significant investment earlier than planned." The new HQ includes warehouse space and a training and development centre for staff, dealers and healthcare professionals working with the company's products. To support the opening of the site, the company has hired seven new members of staff in a range of roles covering the office, warehouse and sales departments. The appointments include three new members of the customer services team: Zoe Phillips, Claire Baker and Stacey Eaton.

Commercial Property

Growing affordable housebuilder Adderstone Living launches new Leeds office

2025-03-25 05:56:04

North East affordable house builder Adderstone living has opened a new Yorkshire office in moves to meet demand for regionally based social housing design and construction. The business, which was founded by Stephen McCoy and Peter Galbraith, works with key social housing providers including Karbon Homes, Gentoo and Places for People to deliver hundreds of homes across the North. Now house builder has opened an office in Carrwood Park on the outskirts of Leeds, as part of its plans to drive growth across Yorkshire and become the developer of choice for social housing providers and the supply chain. Directors say Adderstone Living is seeing strong demand from social housing providers looking to tap into its land-led solutions, which include sourcing land, designing schemes, and gaining planning permission to allow homes to be built in cities including Leeds and the wider area. Led by recently appointed regional director Rick Long, who has experience in the residential house building sector, the new office will ramp up operations in Yorkshire. The office opening comes as the Government continues to push for the delivery of new homes to meet the chronic housing shortage and bring a halt to the decline in affordability of home ownership. Mr Long said: “Adderstone has seen strong growth as demand for our services has soared. So it’s part of our business strategy to develop a permanent presence in Leeds and we saw that the time was now right for new investment to support the next phase. “We are experiencing strong growth across core markets with a healthy order book and our new office strengthens our delivery capability. It’s a really exciting time for us and our team as we will be working closely with all our stakeholders to ensure we continue to deliver for our customers.” At the end of last year the firm announced plans to establish a presence in the North West. The division’s first Yorkshire project, a 70-unit scheme in East Cowton with a gross development value (GDV) of £16m, launched last year. Within accounts for parent company Adderstone Group, financial director Michael Shipley said: “To support rapid growth and regional diversification, Adderstone Living is actively pursuing key framework agreements. It has secured a place on the Homes England Delivery Partner Panel (DPP) and is targeting inclusion in other frameworks such as Prosper.

Commercial Property

New £6.5m North Tyneside industrial scheme set for market

2025-03-25 05:56:04

Industrial space at a new £6.35m development in North Tyneside is now on the market after being completed by UK Land Estates. Regional property developer and landlord UK Land Estates broke ground on the huge L7 scheme last summer, amid moves to tap into demand for industrial space. The speculative development has created 73,000sqft of hi-spec industrial and distribution space at the North Tyneside site, and forms part of a £35m investment programme across the firm’s regional business space portfolio. Brandon Bailey, projects director at UK Land Estates, said: “With a shortage of vacant, high-quality industrial space across the UK, we do not see L7 as a risk. In fact, we are really looking forward to bringing it to market as we expect a great deal of interest. “It’s one of a number of projects under way that is strengthening our portfolio, but particularly at the Tyne Tunnel Estate, where we are investing £11m in L7, the recent completion of the refurbishment of the former JTF Discount Warehouse building, several smaller C-units and we recently started refurb of another large industrial unit on the site.” Construction of L7 has been led by STP Construction Limited, with the local supply chain including Thompsons of Prudhoe, Philadelphia Structures, CCS Cladding, Mathew Charlton, ME Electrics and Voltz power services, and design partners including Faulkner Browns, Portland Consulting Engineers and Kinetic Engineers. The development has delivered 72,898sq ft of flexible industrial and/or warehousing, including 5,955sq ft of office space, and will be marketed by Knight Frank and Savills. David Gibbs, property director at UK Land Estates, said: “This estate is in a fantastic location, close to the main arterial road network and port services. Proximity to workforce and high density housing makes the building an attractive proposition for both manufacturing or distribution. Delivering quality buildings for business on core estates remains our main focus and we have every confidence the building will be well received. “We’re confident L7 will generate plenty of interest, but it won’t be the only large-scale project on the site and we’re progressing several options to deliver further projects of this size and larger, attracting businesses and creating employment opportunities in North Tyneside.

Commercial Property

Plans unveiled for new £100m Digbeth scheme

2025-03-25 05:56:04

A former ironworks site in Birmingham city centre could be transformed into a new £100 million mixed-use development. Hartwell, the automotive and property development company, has unveiled its proposals for the old Phoenix ironworks off Digbeth High Street which will be led by 240 new residential units. Called Phoenix Yard, the designs also include 260,000 sq ft of media and educational space, commercial floorspace, retail units, public realm and landscaping. The brownfield plot, which covers 2.8 acres and sits next to the new Eastside tram extension connected to the HS2 station, is bordered by Coventry Street, Oxford Street and Meriden Street. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Hartwell said Phoenix Yard could create around 200 construction jobs and has the potential to deliver more than 500 full-time equivalent jobs. Architecture practice Allford Hall Monaghan Morris has designed the scheme which Hartwell said paid homage to the land’s industrial history as Phoenix ironworks. The application site is now occupied by a children’s nursery and was home to South & City College and more recently Birmingham City University’s STEAMhouse innovation facility before it moved to a new development in Belmont Row. Hartwell, which owns the land, was founded in 1919 and also previously ran a garage there. A public consultation has now been opened into the proposals which runs until the end of March ahead of a planning application being submitted to Birmingham City Council. The project would join a long list of new developments currently in the pipeline for the Digbeth area including the Beorma Quarter opposite Selfridges and the neighbouring Stone Yard and Tower Leaf schemes, also off High Street. Elsewhere in the district, the BBC is revamping the former Typhoo factory to create a new home for its West Midlands teams currently based in the Mailbox and the Smithfield project will revamp the old Wholesale Markets site near the Bullring. Joanne Churchill, group property manager of Hartwell, said: "We are delighted to unveil our vision to transform an under-utilised brownfield site to deliver Phoenix Yard. "Through unlocking the potential of this site, our plans promise to positively contribute to the area’s ongoing transformation into a thriving and vibrant part of Birmingham, delivering an exciting range of new opportunities and living space for the future. "In recent years, Digbeth has benefitted from significant investment and is recognised by Birmingham City Council as a key growth area. This scheme has been designed with this investment and the wider ambitions for Birmingham in mind. "The potential delivery of media and educational space will support the continuing growth of BBC Midlands HQ and its ecosystem following its multimillion-pound investment into the area. "Similarly, new homes will complement the site’s location in Digbeth’s creative centre. "This will be supported by excellent connectivity, which is enhanced by nearby major transport investments including HS2’s Curzon Street Station and the Metro Eastside Extension. "We look forward to receiving comments on the proposals from local residents and businesses, with feedback set to help inform our final planning application."

Commercial Property

Warrington building to be transformed into digital hub

2025-03-25 05:56:04

Good progress is being made on the transformation of a building on one of Warrington's busiest roads into a digital enterprise hub. A report being presented to the council's cabinet for its Monday meeting includes an update on the project at St James Business Centre, located on Wilderspool Causeway. The quarter three review of non-treasury investments says the business centre will house Warrington's first digital enterprise hub, with work well underway to renovate and upgrade the building to suit this new economy sector. It stated: "The new roof is already in place along with restrooms and remodelled interiors. The entrance to the building will be changed to have more presence on Wilderspool Causeway, which will also benefit from a new café." The report added: "This new workspace will provide an excellent environment for digital businesses to collaborate and grow, and has already been the subject of interest from several established businesses in this sector."

Commercial Property

Plans for 145 new homes in Old Trafford to replace warehouse and bakery

2025-03-25 05:56:04

Plans for the construction of 145 homes on the site of a former wholesale warehouse and bakery in Old Trafford are likely to be approved at Trafford's planning committee meeting on Thursday. The proposed development, which will replace buildings previously occupied by trader Valitus Ltd and the Jesse Oldfield Bakery, includes a residential-led mixed-use scheme, community space, car parking, and landscaping. The project, proposed by YC Property Group Ltd, will be situated on a three-acre brownfield site on Brixham Road and will comprise 123 apartments and 22 terraced houses, with 40% designated as affordable housing. Additional features include a corner shop at the junction of Brixham Road and Ayres Road, 'local areas of play', and a series of interconnected communal gardens. Private amenity spaces will be provided through gardens, terraces, and balconies. Vehicle access to the site will be from both Ayres Road and Brixham Road, with courtyard parking available. The apartments will be distributed across four separate blocks fronting onto Ayres Road and Brixham Road, while four rows of terraced housing are planned for the south-western part of the site. A report by Trafford planning officers, who have extensively consulted with the applicant, recommends approval of the plans. The application has encountered opposition, with 10 letters of objection submitted by local groups including the Old Trafford Amateur Gardeners' Society (OTAGS) representing Seymour Grove Allotments and Orchard 49. The objectors have raised concerns about the potential construction impacts, such as dust generation affecting plant cultivation, possible food contamination, and soil damage. Some are calling for restrictions on construction hours to avoid noise pollution at evenings and weekends and have specified that any beehive relocation should occur only in winter, with compensation provided for any property damages incurred. One objection highlighted the importance of allotments, stating: "Allotments must be protected and cherished. They are of huge value to the local community and positive for physical and mental wellbeing." The planning report advises the committee to approve the project on the condition that the developer contributes £318,562 towards off-site affordable housing, £29,926 for open space provision, £219,936 for secondary education in the area, and pays £15,000 for a traffic regulation order review. The report argues that "The delivery of 145 new homes – including 40% affordable – on a sustainable brownfield site which would contribute significantly towards the delivery of housing within the borough would be of benefit. "This is of considerable importance, given the aspiration of both the council and the Government to significantly boost housing delivery. Substantial weight is attached to this benefit."

Commercial Property

Bruntwood completes £4.5m office revamp

2025-03-25 05:56:04

A £4.5 million project to regenerate an office block in Birmingham city centre has been completed. Bruntwood SciTech has led the scheme to revamp its Centre City offices, in Hill Street, which forms part of a wider mission by the group to spend £52.5 million renovating its estate in the city. Among the new facilities at Centre City include a green atrium, wellness centre, fitness studios, café and active travel facilities. The 20-storey building also has a range of flexible workspaces for companies of differing sizes while common areas of the building are now powered by 100 per cent renewable energy. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. Current tenants in Centre City include global tech firm Hitachi and the Ministry of Justice. Other work completed recently by Bruntwood SciTech in Birmingham includes Cornerblock in Cornwall Street while construction is nearing completion on the first building on the Health Innovation Campus in Selly Oak. Its Mclaren office block near Moor Street station is also undergoing facelift work. Regional director Rob Valentine said: "Birmingham is rapidly becoming one of the UK's most exciting innovation hubs, with over 2,000 tech startups and more than 6,000 tech businesses calling the city their base. "In particular, we're developing real strength and expertise in subsectors like fintech, digital marketing, medtech and gaming and that's in no small part down to the unparalleled talent, excellent links to academia and extensive business support networks on offer in the city. "Continuing to invest in this ecosystem and the infrastructure that supports it will be crucial to keeping up momentum and unlocking future growth and innovation in the city. "Our transformation of Centre City will see it become a crucial part of this supportive innovation ecosystem, helping to drive increased interest in the city from new and growing businesses. "More and more businesses are demanding the very best from their workspace facilities and amenities and we're confident that we've created an environment that will allow ambitious businesses to create, innovate and succeed." Separately, Bruntwood SciTech, which is a joint venture between Bruntwood, Legal & General and the Greater Manchester Pension Fund, has appointed Molly Cook as associate commercial director for the West Midlands.

Commercial Property

Festival Park in Ebbw Vale transformed into new business development

2025-03-25 05:56:04

The former Festival Park retail scheme in Ebbw Vale has been transformed into a new business location. Owners in Birmingham-based Mercia Real Estate have created 24 industrial units totalling 84,202 sq ft for businesses and logistic operators on the 70 acre site. The 24 units range in size from 958 sq ft to almost 12,000 sq ft and offer a range of business uses including light industrial, trade counter and storage units. The redevelopment work has transformed the site from a retail park to a multi-use business facility. The investment has seen modifying existing units, removing their canopies, and recladding and reroofing the refurbished units. The site has an improved access and flow to accommodate industrial operators including the central walkway being resurfaced to create a spine access road. In addition, the landlord has undertaken a comprehensive remodelling of the site which included dismantling specific units to create more yard space, parking, roads, and paths. Mercia Real Estate acquired the unoccupied site in 2021 and was granted planning permission last year to go ahead with the changes. Its chief executive, Samuel Clark, said: “The much-needed redevelopment of Festival Park provides an attractive proposition to new and existing businesses, and provides a range of unit sizes to enable successful small businesses to expand over time without ever needing to leave the site to find larger premises.” The company has appointed the Cardiff office of global property consultancy Knight Frank to attract tenants to the completed centre. Rhys Price, associate in Knight Frank’s industrial and logistics division in Wales, said: “This is a great opportunity that is addressing the lack of refurbished, quality business units in the region within close proximity to the Heads of the Valley. The development provides a broad range of occupational space that is attracting strong interest from a range of potential occupiers already. “The Festival Park site has a long history and the landlord’s imaginative redevelopment of Festival Park, coupled with a willingness to agree leases quickly, will help bring the site back to life and this will no doubt be an attractive proposition to local and national businesses.” The existing site was chosen as the last British Garden Festival site in 1992 because of the waste land which had been the British Steel steel and tin works, which had been partly demolished in the early 1980s. The National Garden Festival ran from May until October 1992 and attracted over two million people.

Commercial Property

City centre retail block sold

2025-03-25 05:56:04

A prime retail and leisure building in Birmingham city centre has been sold in a £4 million deal. Temple Buildings, a part grade II-listed property on the corner of New Street and Temple Street, has been acquired from Hortons by a private investor. The complex comprises two adjoining properties, 49-50A New Street and 19-20 Temple Street, which together total 10,055 sq ft. The ground floor units are let to clothing retailer Moss Bros, Ryman stationers, bubble tea café T4 and Everyman Barbers. Email newsletters BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire. Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates. We will also send out 'Breaking News' emails for any stories which must be seen right away. LinkedIn For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. The upper floors of 19-20 Temple Street are let to Vogues Holdings for residential use. Birmingham-based agency MK2 Real Estate sold the building on behalf of Hortons. Director Mark Johnson said: "Despite the economic challenges over the last few years, Birmingham's retail and leisure market has remained resilient, with positive levels of take up and tenant demand. "Temple Buildings sits on the main thoroughfare from Grand Central to the Colmore Business District and the popular bars and restaurants in the area, with high footfall and passing trade as a result." Steve Tommy, head of asset management with Hortons, added: "The disposal of Temple Buildings is part of our ongoing strategy to reinvest in both existing and new projects within the industrial sector."