BAM seeks funding partner for major Leeds Build to Rent scheme
(Press release BTR Capital Partners Ltd:) Leeds, 2 July 2019 – BAM Properties, the UK development arm of Royal BAM Group, has appointed BTR Capital Partners to identify a funding partner for one of the UK’s most significant regional Build to Rent (BTR) developments located in Leeds city centre.
The fully consented site, which has been in BAM’s ownership for some years, sits as part of a wider mixed-use development known as Latitude, within a short walking distance of Leeds Railway station. It is adjacent to the new HMRC Government Hub at Wellington Place; the biggest ever commercial property letting in Leeds where more than 6,000 staff will be relocated in 2020. The mixed-use development at wider Wellington Place will ultimately be home to around 14,000 staff when fully completed.
The scheme has been designed as a purpose-built BTR development with advice from sector specialist, LIV Consult, and will be built by BAM Construction. It comprises 463 studio, one, two and three bedroom apartments arranged across 17 and 21 storeys, connected by shared gardens and has 102 secure parking bays at ground and lower ground level. Designed to be operated as an exemplar private rental development, there is extensive resident amenity including two exceptional private rooftop resident lounges with adjoining roof gardens, ground floor glazed gymnasium and wellness suite as well as work space for residents. It also features a stunning double height reception lobby. All apartments provide spacious accommodation and the quality of specification has been designed to meet the highest rental standards.
Martin Hill, Development Director for BAM Properties, said: ‘We have worked tirelessly with the LIV team over the past 18 months to create a best-in-class Build to Rent development designed to ensure we have a building that is futureproof. BAM has a reputation for creating sustainable, high quality buildings and this Build to Rent scheme will be no exception.’
Nick Wiggans, Associate Director at BTR Capital Partners, the specialist funding advisory firm for the Build to Rent sector, commented: ‘The development will create a fantastic living environment for residents but at sensible rent levels. We are confident there will be a huge demand for this new product especially given its close proximity to Wellington Place, Leeds new Grade A employment zone and the City station. This is an exceptional opportunity to invest in a scheme where construction will shortly be underway with BAM, one of the UK’s most credible delivery partners.’