A joint venture partnership between Asset Capital and Prescient Capital has secured funding to redevelop a pair of vacant landmark buildings into student accommodation and a pub in Leeds city centre.
Established senior debt facilitator BLG Development Finance has committed funds for the redevelopment of 26 Great George Street, the Grade II listed former Victoria Commercial & Family Hotel and Shenanigans pub next door, which closed at the start of the pandemic.
Built in 1865 The Victoria Hotel was a well-regarded ale house with 28 bedrooms situated above, whilst Shenanigans pub occupied the former Masonic Hall and Central Tower.
Last month Stirling Prescient secured full planning consent from Leeds City Council to redevelop the site into purpose-built student accommodation on the upper levels whilst retaining the ground floor pub and leisure provision.
The team behind Kirkstall Brewery and Whitelock’s Ale House have pledged to restore the pub to its former glory, whilst the partnership will deliver 54 studio student bedrooms with modern facilities including a concierge, communal lounges, a gym, bin store, TV room and laundry.
The redevelopment involves partial demolition of the existing buildings with a four-storey extension at the back.
Daniel Newett of Asset Capital said: “Our plans will help to preserve this historic pub for future generations whilst also making best use of the wider plot for much needed new student accommodation. The JV team is local to the area with considerable understanding and expertise in the long-term viability of commercial estate development and an extensive portfolio of successful student led schemes.”
Established in 2003, BLG is a principal lender specialising in residential development finance. Its dedicated team has more than 300 years’ combined management expertise in real estate banking, investment houses and financing companies. BLG provides development finance, bridging loads and RLS funding, supported by the British Business Bank, to house builders and developments with projects across the UK.
headoffice3, a specialist in office to residential conversions, has been appointed to dothe redevelopment, which is expected to be complete by the end of 2024.
