Funding deal brings forward prominent listed building redevelopment for student living in Leeds

Funding deal brings forward prominent listed building redevelopment for student living in Leeds

A joint venture partnership between Asset Capital and Prescient Capital, has secured funding to enable the redevelopment of a pair of vacant landmark buildings opposite the Town Hall in Leeds city centre.

Established senior debt facilitator BLG Development Finance has committed funds for the redevelopment of 26 Great George Street, the Grade II listed former Victoria Commercial & Family Hotel and adjacent Shenanigans pub which closed at the start of the pandemic.

Built in 1865 The Victoria Hotel was a well-regarded ale house with 28 bedrooms situated above, whilst the latter Shenanigans pub occupied the former Masonic Hall and Central Tower.

Last month Stirling Prescient secured full planning consent from Leeds City Council to redevelop the site into purpose-built student accommodation (PBSA) on the upper levels whilst retaining the ground floor pub and leisure provision.

The team behind Kirkstall Brewery and Whitelock’s Ale House have pledged to restore the pub to its former glory, whilst the partnership will deliver 54 studio student bedrooms with modern facilities including a concierge, communal lounges, a gym, bin store, TV room and laundry.

The redevelopment involves partial demolition of the existing buildings with a rear extension rising four storeys.  The impressive Victorian exterior façade will be sensitively restored, protecting heritage value, and enhancing aspects that contribute positively to the sites significant setting.

Daniel Newett of Asset Capital, said,

“We are delighted to partner with BLG to bring forward this important regeneration and conservation project.  Our plans will help to preserve this historic pub for future generations to enjoy whilst also making best use of the wider plot for much needed new student accommodation. The JV team is local to the area with considerable understanding and expertise in the long-term viability of commercial estate development and an extensive portfolio of successful student led schemes.”

Established in 2003, BLG is a principal lender specialising in residential development finance. Its dedicated team has more than 300 years’ combined management expertise in real estate banking, investment houses and financing companies. BLG provides development finance, bridging loads and RLS funding, supported by the British Business Bank, to house builders and developments with projects across the UK.

Perry Kurash, Head of New Business at BLG said,

“We are delighted to be working with such a highly professional team on this really exciting project.  I am sure it will be a great success and will serve the City extremely well.”

headoffice3, a locally based specialist in office to residential conversions, have been appointed to carry out the redevelopment.  Works have commenced on site this month with a view to complete the project for occupation by the end of 2024.

Planning consultants, Quod, NW Architects and Montagu Evans are advising on the project.  Prestige Student Living, a brand of Homes for Students, will manage the accommodation.