Joint venture partners CityLife and Torsion Group have secured a £54.4m development loan from Maslow Capital, with further funding provided by Zenzic Capital, to support the delivery of a build-to-sell residential scheme on a 0.93-acre brownfield site in the South Bank area of Leeds.
The Sky Gardens development will comprise 306 residential units across a 32-storey tower and a three-storey refurbished Grade II listed former mill.
The apartments will range from studios to three-bedroom homes and the on-site amenity provision will include a fully-equipped gym, a dedicated cinema room, a luxury residents reception lounge, and a ‘Sky Garden’ offering 360 degree views of Yorkshire from the 32nd floor. The development will also feature two commercial units providing 3,907 sq ft.
This transaction was introduced to Maslow Capital by Grey Arrow, a bespoke international banking consultancy.
David Worsley, COO at Torsion Group, said: “We are delighted to continue our longstanding relationship with Maslow Capital with this being our third transaction following the successful completion The Phoenix and Flax place.
“Torsion Group is proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise. In partnership with CityLife, we are fully committed to providing Leeds with a best-in-class development which is designed and constructed with placemaking and ESG at the heart of the concept.”
Gareth Morgan, managing director at CityLife, added: “Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit. This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.”
Matt Pigram, senior director, origination at Maslow Capital, said: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success. This £54.4m facility deepens our partnership with both developers, bringing our total support to a combined 896 homes across three major Leeds projects – an effort that underscores our commitment to addressing the region’s ever-growing need for high-quality housing.”
John Marriott, from Grey Arrow, added: “We are pleased to continue our journey with Maslow Capital, collaborating on another leading regional development. Their innovative, adaptable, and solutions-led approach ensures they remain the market leader for developments of this size for the serious property developer.”
Nadine Buckland, CEO and co-founder of Zenzic Capital, said: “We were very pleased to support this landmark scheme in Leeds city centre. It enables us to build upon our existing strong relationship with the Torsion Group and enter into a new one with CityLife.”
