Developer KMRE and contractor Hollycroft Construction have started work onsite for a multi-million pound residential development in popular Kirkstall Road, Leeds.
The high-end scheme of 111 apartments has now been sold to Aberdeen Standard Investments (ASI) for £17.25m.
Kam Mogul, MD of Leeds based KMRE Group, said, “This is popular area in the city and is in walking distance to the business district. KMRE saw a big opportunity and acted quickly to develop the scheme. These are stylish, yet affordable rental apartments which are ideally suited to professionals.”
The residential scheme is expected to complete in spring 2019 with superior one, two and three-bedroom rental apartments close to Leeds city centre.
“Considering the likelihood of significant investment in the area, due to its convenient location, and being poised to bring further investment, there was an excellent chance for investors to benefit from high levels of capital appreciation and ASI saw that opportunity,” Kam added.
Ed Crockett, fund manager at Aberdeen Standard Investments, said: “This deal reinforces our long-standing commitment to the private rented sector in the UK, where we continue to target high quality stock in key cities.”