The developer behind a £400m Yorkshire regeneration project has claimed the scheme will create almost 2,500 jobs and will pump £5m into the local economy each year.
Commercial Estates Group (CEG) recently named Perth-based contractor, I & H Brown as the builder chosen to deliver the 57-acre mixed-use scheme at Kirkstall Forge and Apperley Bridge, Leeds. The developer has already invested millions in demolishing industrial buildings and preparing the brownfield site and says work will start before the end of October.
The first phase, slated for completion by late summer 2015, involves the installation of services and access roads and the construction of a new railway station.
By this time next year work would have started on 300,000sq ft of Grade A office space and more than 1,000 new homes. Surrounded by natural woodland there will also be shops, restaurants, a gym, a crèche and other facilities.
Funding for elements of the scheme will come from a variety of sources. In addition to its own investment, CEG has ring fenced £10m-plus for affordable housing, education and improved transport facilities.
The Department for Transport is providing a maximum of £10.3m towards the £16.9m needed to deliver and upgrade railway stations on the site, with the remaining 40 per cent of the total coming from local funding packages and private sector investment. A £5m contribution has also been made by West Yorkshire Combined Authority.
“This is one of the most ambitious schemes in the Leeds’ development pipeline,” explained CEG director, Jon Kenny. “Working closely with the local Member of Parliament, Leeds City Council and West Yorkshire Combined Authority, we have ensured that something very special and unique can be delivered at Kirkstall Forge.”
“The combination of the quality of the new commercial offering and the stunning riverside location will undoubtedly make this development one of the most sought-after destinations in the north for both businesses.”
Rachel Reeves is MP for Leeds West. “Kirkstall Forge is unique,” she added, “and is set to stimulate the local economy and will ultimately be a catalyst for major regeneration, much-needed housing delivery and job creation on a truly impressive scale.”
The Commercial Estates Group, which has offices in London, Harrogate and Cornwall, has a UK portfolio totalling nine-million square feet and valued at £800m. It reportedly receives £50m a year in rent from its property assets.
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