Julian Darcy’s Foundation Real Estate and Alpha Real Trust have bought a 4.2-acre site with planning consent for 269 flats in Leeds for £3.5m.
Monk Bridge, on Whitehall Road, to the west of Leeds city centre, previously had consent for 720 flats and the developers were aiming to resubmit plans for a larger scheme with a mixture of private rented accommodation and homes for sale.
Listed building consent for the restoration of railway arches on the site was approved in October 2014, a move that improved the potential for a mixed commercial and leisure scheme.
Charles Calvert, head of JLL’s residential development team in Leeds, who advised on the sale, said: “This is the latest of four significant residential sites JLL has sold in Leeds within the past four months. These have the combined potential to deliver over 2,000 new apartments over the coming years.
“Confidence is high and real opportunities exist for further investment and development in the city as the residential market looks set to take off.”
