Legal & General (L&G) and Glenbrook have completed the £140m funding of a 500-home residential development at Whitehall Riverside, in Leeds.
Glenbrook is leading the development of the scheme which sits on the banks for the river Aire and consists of one-, two- and three-bed flats. The development has been designed to achieve BREEAM Excellent and Home Quality Mark Level 4, with an ambition for the scheme to be net zero carbon in operation by 2030. Completion is expected in April 2026.
Adam Burney, head of annuity BTR at Legal & General Investment Management Real Assets, said: “The BTR sector has continued to see substantial and sustained growth in recent years, as investors continue to be attracted by burgeoning demand for high quality rental property in the UK. We’re pleased the asset class has proven resilient through recent macro-economic pressures – this latest scheme reaffirms our confidence in the market, as well as the growth prospects of city centres like Leeds.
“The Whitehall Riverside development has been designed with a focus on lifestyle and resident satisfaction, aiming to ensure quality, operational efficiency, and long-term environmental sustainability that meet the needs and aspirations of residents. As a major investor in UK real estate, we remain committed to levelling up the UK by ensuring communities across the country have adequate access to employment, infrastructure and housing, seeking to make policy objectives a reality.”
Ian Sherry, director at Glenbrook, added: “To have secured the largest funding deal Leeds has seen, against such challenging economic conditions, demonstrates the strength of the investment proposition we have created here at Whitehall Riverside. This will be a best-in-class residential scheme on one of the most prominent sites and locations in the city.
“Working with our trusted partners, Glenbrook is at the forefront of the UK’s BTR drive, delivering exceptional schemes which meet residents’ evolving needs. L&G’s continued commitment to both Leeds and to Whitehall Riverside is a further demonstration of their belief in the quality of the scheme, the city’s residential market and acknowledges the clear demand for well-managed, highly sustainable, purpose-built accommodation.”
Tom Sinclair, senior director of investment properties at CBRE, said; “CBRE is delighted to have advised Glenbrook on the funding of Whitehall Riverside, marking the largest ever BTR funding transaction in Leeds. The funding of this development is a landmark moment for the city of Leeds. The new development will provide high quality city centre homes in the heart of Leeds, complemented by retail and public realm which will further animate this important part of the city and connect the successful Wellington Place district with Leeds’ vibrant South Bank.”
L&G was advised by Savills. Glenbrook was advised by CBRE.
