At the point of purchase, the site housed a secondary warehouse unit located on the southern fringe of Leeds City Centre. Oakapple identified the area as one offering significant redevelopment potential and therefore speculatively purchased a leasehold interest in the property.
In order to release this potential it was necessary to acquire both an intermediate leasehold interest and the freehold, the later purchased from Trinity College Cambridge. Planning consent was secured for the development of a 216 unit apartment scheme with a basement car park. The scheme ranges from 8 to 12 storeys.
A forward funding agreement was completed with Grainger plc who are the UK’s largest listed private landlord. Following completion the building was added to Graingers BTR portfolio with units offered for rent