Major £200m Development At Former Leeds International Pool Site Secured By Marrico And Helios

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Major £200m Development at Former Leeds International Pool Site Secured by Marrico and Helios

Date

November 15, 2024

The read

A joint venture between Marrico LLP and Helios Real Estate has completed an exciting purchase which will contribute to the city’s growth and regeneration.

A CGI of the planned developments, they are modern metal and glass towers in the centre of Leeds.

Marrico LLP and Helios Real Estate’s Lisbon Street development (image credit: Marrico LLP and Helios Real Estate)

The site of the former Leeds International Pool has been successfully purchased for the £200m second phase, paving the way for 578 build-to rent homes across two towers of 21 and 32 storeys. With work expected to begin in 2025, the planned homes will be accompanied by a gym, residents lounge and communal areas.

The first phase, a 529-room PBSA scheme, is currently onsite and is due to complete in 2025, opening in time for the next academic year, while phase three will be a 188-room aparthotel, with construction targeted to also begin that year.

The site acquisition for the Lisbon Street development was financed via a loan from The Ardent Companies, a US-based real estate and asset management firm, representing the UK lending debut for its expanded debt platform.

Mark Barnes, managing partner of Marrico, said:

“We are delighted to have now purchased the site from Leeds City Council. With full planning consent in place, work will begin in 2025, allowing the Lisbon Street development to play an ever-greater role in bringing more investment and growth into the west of Leeds city centre.”

Sunny Lakhtaria, UK head of debt at The Ardent Companies, added:

“This loan represents an expansion of our US debt platform and is a terrific milestone for the firm. The nature of this facility underlines our ability to move swiftly, enabling the acquisition of this prime site, with planning in place and, in Marrico and Helios, a highly experienced development team ready to deliver this great BTR scheme.”

Square One provided commercial property and corporate legal advice to the joint venture to complete the transaction. Kate Johnson and Richard Barrett supported on the property elements of the transaction, and Mark Lazenby provided corporate advice.

On the transaction, Kate said:

“It was fantastic to support this significant development for the city of Leeds. It’s always rewarding to be involved in something that contributes to such growth, and we are delighted to have been part of the team. It’s exciting to see Leeds continue to flourish.”

Richard also commented:

“Congratulations to everyone involved in bringing this transformative development to life. This substantial £200 million second phase marks an exciting milestone for Leeds, supporting the city’s growth and regeneration. I’m pleased to have had the opportunity to support this significant deal – exciting times ahead for the city.”