BAM seeks funding partner for BTR scheme in Leeds, UK

WCN Editorial Team 4 Jul 2019 EUROPE BUILDINGS

BAM Properties, a subsidiary of Royal BAM Group, is seeking a funding partner for a build-to-rent (BTR) developments located in Leeds city centre, UK.

In this regard, BAM Properties has appointed BTR Capital Partners to identify a funding partner.

The fully consented site, which is owned by BAM for some years, forms part of a wider mixed-use development, known as Latitude, located near Leeds Railway Station.

It is adjacent to the new HMRC Government Hub at Wellington Place, a large commercial property, where more than 6,000 staff will be relocated next year. Upon completion, the mixed-use development at wider Wellington Place will ultimately be home to around 14,000 staff.

BAM Properties development director Martin Hill said: “We have worked tirelessly with the LIV team over the past 18 months to create a best-in-class Build to Rent development designed to ensure we have a building that is futureproof.

“BAM has a reputation for creating sustainable, high quality buildings and this Build to Rent scheme will be no exception.”

The project will be built by BAM Construction and has been designed as purpose-built BTR development, with advice from LIV Consult.

It will include 463 studio, one-, two- and three-bedroom apartments arranged across 17 and 21 storeys, linked by shared gardens. The project will also feature 102 secure parking bays at ground and lower ground level.

The extensive residential building will include two private rooftop resident lounges with adjoining roof gardens, a gymnasium and wellness suite along with work space for residents and will also include double height reception lobby.

BAM said that all the apartments will be spacious, with the quality of specifications and will meet high rental standards.

BTR Capital Partners associate director Nick Wiggans said: “The development will create a fantastic living environment for residents but at sensible rent levels. We are confident there will be a huge demand for this new product especially given its close proximity to Wellington Place, Leeds new Grade A employment zone and the City station.

“This is an exceptional opportunity to invest in a scheme where construction will shortly be underway with BAM, one of the UK’s most credible delivery partners.”

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Image: BAM to build BTR scheme by partnering with a funding provider. Photo: Courtesy of Royal BAM Group N.V.

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