27th May 2022
There could be a big demand for crane hire specialists over the next couple of years, as a new 12-storey hotel is set to open in Leeds city centre.
UK Commercial Property REIT Limited has acquired a site to develop a new hotel that it claims will be “among the very best in Leeds”, the Yorkshire Post reported.
It will stretch across 140,000 square feet, consisting of 305 rooms, meeting rooms, a gym, and food and drink outlets, including a rooftop bar.
A spokesperson stated the £62.7 million development presents a good opportunity to provide Leeds with a top-quality hotel, as the city has “excellent central amenities but an under-supply of quality hotels”.
It will be situated on Sovereign Square in the city centre, which is in an excellent location for the railway station, office blocks, shops, and bars.
The hotel is anticipated to be ready for opening in 2024, and Hyatt Hotels has signed a 25-year franchise agreement for it, operated by Interstate Hotels & Resorts. It will be divided into short-stay lodgings Hyatt Place and long-stay Hyatt House brands.
According to the official statement, revealed to the newspaper: “The development is targeting a BREEAM Excellent rating and will have a positive impact on the local community with the creation of a number of new jobs.”
The site was owned by Leeds City Council, and UKCM will fund the project, as it fits in with its strategy to invest in real estate that will provide “resilient rental incomes”.
As Leeds has been revealed as one of the fastest growing cities in the UK, the organisation chose it for its potential to deliver strong yields. Indeed, it has been highlighted as the main driver of the regional economy, which itself is expected to surge by 21 per cent within the next decade, thanks to a rise in business and financial services in the area.
This is not the only development in the pipeline for the Yorkshire city, as Southside Leeds Ltd is planning to submit pre-application proposals to develop a hotel and offices on a site next to Bridgewater Place in Holbeck, Insider Media reported.
Leeds City Council’s City Plans Panel will meet next week (May 19th) to discuss the idea to regenerate the Westbank site, after it was acquired by Stamford Property Holdings together with Shelborn Asset Management in 2021.
The current three-storey call centre and 117 car parking spaces will be transformed into two office buildings with both ground floor retail and leisure facilities, stretching nine and 11 storeys respectively. The plans also include a 19-storey hotel with 2,101 bedrooms, and a further two 11- and 12-storey office blocks.
If the council gives the proposal the go-ahead, there will also be fresh landscaping, public realm, cycle and pedestrian infrastructure for users of the buildings.
A planning officer’s report stated: “The proposal offers a significant opportunity to regenerate a large prominently located vacant brownfield city centre site.”
It went on to say the Westbank site, which has a capacity of 225,000 square feet, would “deliver new employment, visitor accommodation, public landscaped greenspace, new pedestrian and cycle connections and support the continuing regeneration of this area of the city centre”.