A major residential development in Leeds’ South Bank has secured £50 million in development financing from Homes England. The project, located on Water Lane, will deliver 375 apartments across two linked towers reaching up to 26 storeys.
The development includes a mix of one-, two-, and three-bedroom units, over 9,000 sq ft of outdoor communal areas, and more than 6,700 sq ft of internal amenities, such as co-working space, a gym, podium gardens, and rooftop terraces.
In addition to the Homes England loan, the project received a £4.4 million grant through the West Yorkshire Combined Authority’s Brownfield Housing Fund. Heim Global Investor is leading equity funding via its UK Residential Fund, which is backed by the Greater Manchester, Merseyside, and West Yorkshire Pension Funds.
Construction began in May 2024 and is expected to be completed by early 2027. McLaren Living is overseeing the development, and HG Construction is the main contractor.
This scheme aligns with regional priorities to regenerate underutilised brownfield land and deliver energy-efficient rental housing in high-demand urban areas. It also highlights increasing collaboration between public agencies and institutional investors to drive urban housing delivery.
