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25 - 09 - 2023

Tri7 and Fusion Group submit planning application on student housing-led Leeds development

Tri7, the specialist UK value-add real estate investment and asset management firm, and its joint venture partner Fusion Group have submitted a planning application to Leeds City Council for a purpose-built student accommodation (PBSA)-led scheme.

The JV’s proposals will deliver a best-in-class student-led, mixed-use development on the site of The Core shopping centre, which will be demolished as part of the redevelopment. Plans have been submitted to develop three towers of between five and nine storeys, containing 807 student bedrooms and around 36,000 sq ft of retail and commercial space at ground level, including two new arcades that will further connect the city and enhance the community.

The scheme, designed by renowned architects Costorphine & Wright, will target an EPC A rating, and BREEAM Excellent for the PBSA space and BREEAM Very Good for the retail space. It will feature low carbon air source heat pumps, low water consumption fixtures and fittings, and low energy and controlled ventilation and lighting. Bringing improved public realm and a better retail experience, the development will further improve east-to-west connectivity from Lands Lane to Albion Street.

Following extensive pre-application consultations, the planning application has been submitted to Leeds City Council.  Consultations were held with the general public across two public events plus with Leeds City Council, the Civic Society and Historic England.

Leeds has a population of nearly 40,000 students in full-time education and a significant number of international students, served by four major institutions including the University of Leeds, a member of the Russell Group.

Tri7 acquired The Core in July 2021 as part of Tri7’s value-add real estate investment strategy alongside equity partners Alchemy. The specialist value-add real estate investor and asset manager is actively seeking to invest £250 million for similar bed-led (PBSA and build-to-rent) regeneration schemes in UK towns and cities with Russell Group universities.

Samuel Castle, partner at Tri7, said: “Our plans for this design-led scheme, shaped by extensive consultation with the community, will create beautiful and amenity-rich homes for students and a vibrant commercial offering. Located in the heart of one of the UK’s best cities for students, it represents exactly the type of opportunity that we seek to deploy our capital in – and the type of bed-led city centre regeneration development that the government just last week argued was a major part in tackling the UK’s housing crisis. We’re eager to continue working alongside to Fusion Group, the council and the community to deliver this first-class scheme.”

Ben Henry, Acquisitions Director at Fusion Group, said: “This truly stunning development, designed by a world-renowned architecture practice, will set the standard in the area, bringing high-quality modern architecture that complements the city centre’s historic buildings. Our ethos is to design spaces for positive living, and working alongside our partners at Tri7, the city council and the community, we’re looking forward to progressing the scheme and creating much-needed new student homes in a city that remains deeply attractive to learners from across the UK and the world.”