Plans are being drawn up to resurrect development at the site of the failed Lumiere residential tower in Leeds.
Yorkshire-based investor and asset manager Ripley Capital has teamed up with AXA Real Estate Investment Managers in a bid to acquire the Wellington Street site from its lender, Lloyds Banking Group.
Lumiere, once hoped to be Europe’s tallest residential tower, has been in the hands of receivers at Deloitte since 2010 after the scheme’s developer, KW Linfoot, was placed into liquidation in 2009.
Ripley and AXA have instructed London-based architect BFLS to come up with designs to transform the 952-flat project into a scaled-down mixed-use development.
The plans include around 120,000 sq ft of offices and ground floor shops.
The pair added that the offices may be reduced to allow for a 150-bedroom hotel.
Nikolaj Dockree, director at Ripley, said: “I believe that this site has immense potential. We would be delighted to work with the bank and Deloitte to explore an outright purchase of the site.”
Construction work on the Ian Simpson-designed Lumiere, which KW Linfoot was developing in a jv with Fraser Property, was put on hold in July 2008 as a result of the recession.
daniel.cunningham@estatesgazette.com
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