Cole Waterhouse and Domis have formed a £70m joint venture to bring forward the first phase of the £200m Leeds Urban Village residential development (LuV) in Leeds with Tonia Investments.
The first phase of development, which has been supported by a brownfield grant from the West Yorkshire Combined Authority, comprises 239 build-to-rent (BTR) properties.
A further 239 BTR homes and 113 affordable homes will follow in 2026. These homes will also be supported by the West Yorkshire Combined Authority.
Designed by DLG Architects, Leeds Urban Village will feature up to 18,000 sq ft of ground floor commercial and residential amenity space.
Development financing for the project has been provided by Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management. The joint venture received debt advice from Woodridge Advisory.
Simon Gallanders, managing director of Cole Waterhouse, said: “Furthering our excellent partnership with Domis enables us to undertake this exciting project with Eldridge. We are also most grateful to WYCA for their support. This is our first equity joint venture with the professional team at Domis and we are all excited to bring forward the first phase of LuV, which will be one of the catalysts for the further regeneration of this part of Leeds, demonstrating our confidence in delivering much needed housing in this key part of the city.”
Kingsley Thornton, managing director of Domis Construction, added: “Leeds Urban Village is our first major step in the city and the start of much more to come, and we’re proud to be delivering it in partnership with our long-standing development partner, Cole Waterhouse. This project will create a new community for Leeds with homes, a generous public park and flexible ground floor space that supports local life and new employment.”
Tracy Brabin, mayor of West Yorkshire, said: “Leeds has been rightly recognised as a national growth opportunity, and this new development will see hundreds of homes built for local families, backed by our multi-million pound Brownfield Housing Fund. By investing in the new homes our region needs, we’re putting a safe and secure roof over people’s heads, driving the regeneration of our towns and cities, and building a brighter West Yorkshire that works for all.”
Arthur Jennings, managing director at Eldridge Capital Management, added: “We are pleased to partner with Cole Waterhouse and Domis on our third project together. With demand for multi-family rentals continuing to rise, we believe this development is exceptionally well-positioned to meet the city’s growing housing needs.”
