BAM Properties is selling its build-to-rent scheme at Latitude in Leeds city centre, seeking offers in excess of £90m.
It has instructed BTR Capital Partners, formerly LIV Capital, to secure a funding partner for the 463-flat scheme at Doncaster Monkbridge Works near Whitehall Road, adjacent to the HMRC government hub at Wellington Place.
The BTR scheme comprises studio, one-, two- and three-bedroom apartments across two towers of 17 and 21 storeys, with residents’ lounges, roof gardens and a ground-floor gym.
The development has an expected net initial yield of 4.75%.
The development was approved by Leeds City Council in January and will be built by BAM Construction.
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 future-proof.”
Nick Wiggans, associate director at BTR Capital Partners, said: “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.”
The development is sandwiched between Singaporean CDL’s 644-flat consented site at Monk Bridge, acquired for £15.4m in March, with a net initial yield forecast of 5%, and Get Living’s 750-home scheme where, subject to consent, work is expected to begin in late 2019.
Leeds’ South Bank regeneration area spans 625 acres, seeking to double the size of the city centre. Development is being spurred by the plans for the HS2 station due in 2033.
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