Keyland sells consented Pudsey site
The property arm of Kelda Group and sister company to Yorkshire Water has traded the land to Leeds Federated Housing Association, which will deliver 54 homes.
Keyland secured outline planning consent from Leeds City Council for the new homes under a planning promotional agreement (PPA) with a local landowner in 2021.
The site was marketed with the benefit of outline planning permission and a suite of technical information by Keyland and the Leeds office of Cushman & Wakefield.
This transaction represents Keyland’s first completed PPA sale in which they acted as land promoter as well as joint owner with the neighbouring landowner.
Working through the PPA model means Keyland works with independent landowners, corporates, and regulated bodies to overcome obstacles to development on strategic sites, facilitating development by securing planning consent for future use. The Pudsey PPA followed on from agreements with landowners in Wakefield, Leeds, and Calderdale.
The 5.5-acre site is located in an established residential area midway between the centres of Leeds and Bradford, adjacent to the Owlcotes reservoir on Owlcotes Road.
Matthew Turnbull, land & planning manager at Keyland Developments, said; “We are delighted to have completed our first PPA sale with this site. The purpose of our PPA agreements is to align our interests with those of the landowner, and it enables landowners of any scale to maximise the potential from their sites without incurring any risk or cost to themselves.
“The planning consent and subsequent sale to Leeds Federated Housing Association has facilitated new homes to contribute to the local authority’s long-term housing targets.”
Phil Roebuck, partner at Cushman & Wakefield, added: “The unlocking of this site in a highly sustainable location has enabled the delivery of new homes at a time when regional shortages are well documented. The new development will complement its surroundings and benefit from nearby amenities, services, and transport.”
In May, Keyland said that it is able to provide 1,1m sq ft of commercial space and 560 homes across five sites within the Leeds city region local plan area.