Alpha Real Trust Limited Planning Granted for Monk Bridge, Central Leeds (1155G)
May 24 2017 - 5:52AM
UK Regulatory
TIDMARTL
RNS Number : 1155G
Alpha Real Trust Limited
24 May 2017
24 May 2017
ALPHA REAL TRUST LIMITED ("ART" OR THE "COMPANY") ANNOUNCES
PLANNING OBTAINED FOR RESIDENTIAL DEVELOPMENT SITE, "MONK BRIDGE",
CENTRAL LEEDS
The Company announces that planning has been obtained at the
monthly planning committee for Leeds City Council in respect of the
Company's Private Rented Sector ("PRS") development site at Monk
Bridge in central Leeds.
Detailed planning was obtained for 307 PRS flats in three
buildings over 180,049 square feet of net saleable space and the
restoration of the adjacent Grade II listed former railway arches
as a raised park and ancillary retail, leisure and restaurant uses
over 25,080 square feet in 16 units in the former arches below.
Outline consent was also granted for a further 300 residential
units in two buildings of up to 21 storeys over 193,071 square feet
of net saleable space.
The potential estimated Gross Development Value ("GDV") of the
scheme is GBP148 million.
The approval includes a provision for 5% of the 607 units as
affordable.
The Company acquired the development site in December 2015 for a
price of GBP3.75 million at which time the site had implemented
planning consent for 269 residential units with an estimated GDV of
GBP55 million.
Along with the Company's investment in the Unity & Armouries
site in Birmingham, these investments represent the Company's
commitment to growth opportunities identified in the PRS
residential market.
Supporting Information
The Monk Bridge development is located in the West End area of
Leeds city centre and has a total site area of 1.69 hectares (4.18
acres) with potential development totalling 398,200 square feet
across five residential buildings and ancillary commercial
space.
The area around the site comprises a mix of commercial and
residential apartments, as well as a number of temporary/surface
car parks. The Monk Bridge site connects directly with Wellington
Place, comprising a number of completed offices, with further mixed
use development underway. It has been reported that the Government
Property Unit has selected Wellington Place as the preferred
destination for a circa 380,000 square feet civil service hub
requirement.
The Monk Bridge site is located close to Leeds Railway Station,
the main Leeds office core and extensive city centre facilities.
These include the recently opened high profile retail and leisure
destination, Trinity Leeds.
Taking into account likely supply, JLL forecast that from
2017-2021, house prices in Leeds city centre will rise by 21.6% and
rental values will increase by 22.2% over the same period.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to the Company
Richard Gray / Andrew Potts +44 (0) 20 7886 2500
Registered office: Old Bank Chambers, La Grande Rue, St
Martin's, Guernsey, GY4 6RT
Alpha Real Trust Limited is advised by Alpha Real Capital LLP,
which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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