Together deal enables South Bank tower
A bridging loan from the specialist lender has allowed developer Countrylarge to buy a disused plot on Leeds’ Sayner Lane, with consent for 150 apartments.
Countrylarge Properties, registered in Harrogate, has now acquired the land on the corner of Sayner Lane and Carlisle Road, near the Royal Armouries, after securing the short-term finance facility.
Director Antony Rosindale said the proposed scheme would provide much-needed homes for young professionals.
Referencing Vastint’s Aire Park development, he explained: “The Sayner Lane site is behind Leeds Dock in the South Bank, which had been undergoing a massive regeneration initiative to greatly improve the area.
“There is a large project currently underway to build homes on the former Tetley Brewery site and other mixed-use developments already underway, with not only homes but medical facilities, a school and later life living units.
“As an urban developer, we believe it’s important to look at brownfield sites, building on previously developed land, which is far more sustainable that building in the countryside. Our strategy is to deliver build-to-rent apartments, which will provide good quality homes for young professionals.”
The wedge-shaped brownfield site at Sayner Lane currently has outline planning permission for a development of 150 apartments, granted in November 2022. Visuals show a 16-storey tower.
However, with its finance now secure, the developer is now preparing a fresh application for the half-acre plot, with plans to be submitted soon.
The lender, which provides commercial and personal finance and has a loan book of £6.4bn, agreed a bridging loan to buy the land.
Michael Devanny, corporate sales director at Together, said: “We are currently working with Countrylarge on other projects in Yorkshire and were impressed with their vision to breathe new life into this derelict corner on the South Bank.
“Our short-term finance allowed the developers to quickly complete the purchase, paving the way for a tower of much needed city centre apartments.
“The latest development proposals will deliver benefits not only in terms of new housing but also through off-site green space improvements in the area, contributing to the transformation of Leeds South Bank as a mixed use community in an expanded city centre.”