Homebuyers, investors and the people of Leeds have been given their first glimpse of a new £23.5 million city centre apartment development, after its scaffolding and site hoardings were taken down as the scheme approaches completion. This follows last month’s topping out of The Residence, which sits at the very
DEVELOPER KMRE and contractor Hollycroft Construction have started work on-site for a multi-million-pound residential development in popular Kirkstall Road, Leeds. The high-end scheme of 111 apartments has now been sold to Aberdeen Standard Investments (ASI) for £17.25 million Kam Mogul, MD of Leeds-based KMRE Group, said: “This is popular area
BDC 319 : Aug 2024
Homebuyers, investors and the people of Leeds have been given their first glimpse of a new £23.5 million city centre apartment development, after its scaffolding and site hoardings were taken down as the scheme approaches completion. This follows last month’s topping out of The Residence, which sits at the very eastern end of Kirkstall Road. The development by KMRE Group, consists of 111, one, two and three bedroom apartments, as well as two penthouses with large terraces and stunning views across Leeds and beyond. The ground floor of the development offers 2,400 sq ft of commercial space and there are also 25 parking spaces. More than two thirds of the homes in the 10-storey building, which are being marketed by Linley & Simpson with Morgans, are already reserved and KMRE Group has just launched a new website to showcase the development. Visitors to https://theresidenceleeds.co.uk/ benefit from up to date information about apartment availability, as well as full details on the development and its specification. Kam Mogul, managing director at KMRE, said: “The Residence is progressing well and the topping out of the development, as well as the scaffolding and site hoarding removal, are significant milestones that have given people their first opportunity to see how our landmark building looks. The response from both our buyers and the Leeds community, has been extremely positive. “The Residence will be the first development to complete on the Kirkstall Road corridor, which will soon benefit from hundreds of millions of pounds worth of investment and development that will create thousands of new homes and a vibrant community in the area. We’re extremely proud to be setting a benchmark with The Residence for surrounding developments to follow.” Jonathan Morgan, from Linley & Simpson with Morgans, said: “The scale, height and quality of The Residence have already made a statement in this part of the city as a number of other schemes are set to come forward. “Following the topping out of the development, buyers can now also experience the ninth and tenth floor duplex penthouses for themselves. These are some of the most exciting apartments currently being built in the city centre and offer split level, open plan living areas with the bedrooms on the lower levels so that the living areas get the benefit of the generous roof terraces with city and skyline views.” The Residence is an easy walk to the LGI and Law Courts which are 12-minutes away, the railway station is a 15-minute walk and Leeds University or Holbeck Urban Village along the canal are both around a 16-minute walk. Apartments at The Residence start at £152,000 and the three bedroom penthouses, with generous south facing terraces, are priced from £463,000. For further information visit https://theresidenceleeds.co.uk/ or https://www.linleyandsimpson.co.uk/
DEVELOPER KMRE and contractor Hollycroft Construction have started work on-site for a multi-million-pound residential development in popular Kirkstall Road, Leeds. The high-end scheme of 111 apartments has now been sold to Aberdeen Standard Investments (ASI) for £17.25 million Kam Mogul, MD of Leeds-based KMRE Group, said: “This is popular area in the city and is in walking distance to the business district. KMRE saw a big opportunity and acted quickly to develop the scheme. These are stylish, yet affordable rental apartments which are ideally suited to professionals. “We are also delighted to have appointed Hollycroft Construction as the contractor for this significant development. Hollycroft has delivered a number of schemes for us and has continued to work on our ever-expanding portfolio of high-end schemes across the UK. “Kirkstall Road is a rapidly changing part of the city. Considering Kirkstall’s close proximity to Leeds city centre and the wide range of public transport options on offer, this is a popular area of Leeds. Each apartment is designed to be generously sized, to encourage long term tenancies in a great location with a range of amenities.” The residential scheme – which will complete in spring 2019 -will be made up of superior one, two and three-bedroom rental apartments close to Leeds city centre. “Considering the likelihood of significant investment in the area due to its convenient location, and high-speed poised to bring further investment, there was an excellent chance for investors to benefit from high levels of capital appreciation and ASI saw that opportunity,” Kam added. Ed Crockett, fund manager at Aberdeen Standard Investments, said: “This deal reinforces our long-standing commitment to the private rented sector in the UK, where we continue to target high quality stock in key cities. “The market is currently worth more than £1 trillion and is set to grow with an anticipated 24% increase in private renting by 2022. With its secure long-term rental streams, residential is a compelling opportunity for investors. But product is key. Our experience in Europe, shows that what really counts is being able to create communities that people want to live in for decades. We identified this development by KMRE as a major opportunity.” KMRE Group is a leading developer with schemes throughout Yorkshire and the UK. It is working on a number of schemes in the area including Mabgate Gateway, Leeds which is also on site and offers 92 one, two and three-bedroom apartments across two buildings and is located five minutes from the city centre. Toby Nicholson, head of build to rent at Colliers International, represented Aberdeen Standard Investments during the transaction. For more information, visit www.kmregroup.co.uk.
