New buyer found for Leeds city centre land after plans to build 78 homes falls through over 'unaffordable' costs
A new buyer has been found for a plot of land in Leeds city centre after a deal to build 78 homes on the site fell through.
An 11-storey block of socially-rented apartments was planned for land at St Cecilia Street in Quarry Hill, with developer Legal and General set to buy the site as part of a deal with Leeds City Council that involved a £1.4m grant.
But the company pulled out, saying rising building costs and stricter safety regulations made it unaffordable.
Now an unnamed bidder has been chosen to buy the site.
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A council spokesperson said: “Unfortunately the purchaser previously selected has struggled to bring forward a scheme to develop the site at St Cecilia Street due to funding availability.
“We therefore re-marketed the site and are pursuing a new avenue with a new preferred bidder, the details of which are currently confidential.
“The disposal of this site will have a positive impact on the city centre as we see it brought back into economic use in the near future.”
Property firm Avison Young was hired to find potential buyers.
A sales brochure said the site was “suitable for a mix of uses including residential and offices, with further town centre uses being acceptable subject to policy requirements.”
It said: “The Quarry Hill area has benefited from substantial development and regeneration over recent years and is now home to Northern Ballet, Leeds Conservatoire, BBC and Leeds Playhouse.”
The council said it considered directly approaching a nearby developer, but a sale on the open market would bring a higher price.
A council report said: “The site received a good response from the market and numerous bids were submitted.
“Major financial investment will be brought to the city centre.”
Planning permission was previously granted for 46 one-bedroom, 28 two-bed and four three bedroom flats.