Asset Capital and Prescient Capital have secured funding from BLG Development Finance to enable the redevelopment of a pair of vacant landmark buildings opposite the town hall in Leeds city centre.
The joint venture partners intend to redevelop 26 Great George Street – the Grade II listed former Victoria Commercial & Family Hotel and adjacent Shenanigans pub – into purpose-built student accommodation (PBSA) on the upper floors with a pub and leisure provision on the ground floor.
The PBSA element of the development will offer 54 studio student bedrooms with modern facilities including a concierge, communal lounges, a gym, bin store, TV room and laundry.
The redevelopment involves partial demolition of the existing buildings with a rear extension rising four storeys. The Victorian exterior façade will be sensitively restored.
Daniel Newett, of Asset Capital, said: “We are delighted to partner with BLG to bring forward this important regeneration and conservation project. Our plans will help to preserve this historic pub for future generations to enjoy whilst also making best use of the wider plot for much needed new student accommodation. The JV team is local to the area with considerable understanding and expertise in the long-term viability of commercial estate development and an extensive portfolio of successful student led schemes.”
Perry Kurash, head of new business at BLG, added: “We are delighted to be working with such a highly professional team on this really exciting project. I am sure it will be a great success and will serve the city extremely well.”
Office to residential conversion specialists headoffice3 have been appointed to carry out the redevelopment. Quod, NW Architects and Montagu Evans are advising on the project and Prestige Student Living, a brand of Homes for Students, will manage the accommodation.
