Friday, October 22, 2021

£12.3m secured for Leeds apartment development

Paragon Development Finance has provided a £12.3 million finance facility to Burley Road Ltd to assist with development of 110 new apartments on the site of the former Burley Liberal Club in Leeds.

The development will consist of 104 private and six affordable one, two and three-bedroom apartments spread across two five storey buildings located where Burley Road meets Willow Road, just one mile from Leeds city centre.

Building work commenced in February 2021 and is due to complete in August next year. Sales of the apartments have already commenced with North Property Group exchanging on 40 apartments, with a further 26 reserved.

The site covers two-acres and was also home to a former bank building. This was then occupied by Broadley’s decorating division but both this building and the liberal club were later demolished after sitting empty for years.

The deal was led on behalf of Paragon by senior relationship director Simon Dekker and senior portfolio manager Craig Seabourne.

Timothy Smith, director of Burley Road Ltd, said: “This site enjoys an excellent location just minutes away from the city centre and close to Cardigan Fields, which has an array of restaurants and entertainment facilities. The development will regenerate land that has been dormant for many years, breathing new life into the area.”

Simon Dekker said: “This scheme complements the local area perfectly and the apartments are already proving popular with buyers. We look forward to working with Timothy and his team as the construction progresses.”

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