Funding for Barings, a large diversified real estate manager, to develop a major residential scheme near Leeds city centre has been secured.
Homes England, Greater Manchester Pension Fund (GMPF) and West Yorkshire Pension Fund (WYPF) will provide a £91 million loan over a four-year term. In addition to this, the West Yorkshire Combined Authority has provided a £5.7 million grant from its brownfield housing fund.
The scheme is being developed as a joint venture with Glenbrook, a leading UK residential developer, which will retain a stake in the project and act as development manager.
Image: Benjamin Elliott
Located on Kirkstall Road, the scheme will deliver 618 one, two and three-bedroom apartments set across five buildings sitting in extensive landscape grounds, including a new public realm, next to the River Aire.
The five-acre site will include over 10,000 square feet of amenity space, including a residents’ lounge, co-working area and gym, two private roof terraces and 3,800 square feet of commercial space. Construction has begun and is expected to be completed by the end of 2027.
Located just one mile from Leeds city centre and within walking distance of Wellington Place - a key commercial hub - the site offers excellent connectivity. Leeds Central railway station is approximately one mile away, while both the University of Leeds and Leeds Beckett University are easily accessible.
Nigel Barclay, Director of Loans at Homes England, said: “As the Government’s housing and regeneration agency, we are committed to working in partnership with organisations in both the public and private sector, to achieve their ambitions and develop much needed new homes across the country.
“The Kirkstall Road Scheme is an excellent example of how the Agency’s Home Building Fund is delivering in priority regeneration locations whilst supporting small and medium house builders, that are crucial to building a diverse and resilient housing sector.”
Darren Hutchinson, Head of UK Real Estate Transactions at Barings, said: “The Kirkstall Road scheme represents exactly the kind of high-quality, well-located residential investment we seek on behalf of our partners.
“With the support of Homes England, GMPF, and WYCA, and through our joint venture with Glenbrook, we are delivering a best-in-class residential scheme that will provide much-needed new homes while creating long-term value for our investors.”
Darran Ward, Head of Alternatives at West Yorkshire Pension Fund, said: “We are proud to support this significant investment in Leeds, helping to deliver high-quality, energy-efficient homes that are much needed in our region.
“By working alongside our Northern LGPS partner Greater Manchester Pension Fund, and Homes England, we are demonstrating how collaboration between institutional investors and government can drive local economic growth, create jobs, and provide long-term, sustainable housing solutions.
“This project reflects our commitment to investing in our home market whilst ensuring returns for our members.”
