The Parklane Group, a market leader in the property sector, has sold its 0.4 acre site, Bridge House, to a Canadian pension fund. A London-based asset manager brokered the landmark deal which will see one of the city’s last remaining grade A development sites located within the central business district transformed into luxury apartments to support the long-term rental community. The acquisition will attract investment upwards of £100m into Leeds City Centre and further strengthens the value of the city’s prime development land, priced at over £20m per acre.
Mr Naveen Ahmed, managing director of The Parklane Group, said: “Not only is this record breaking deal fantastic news for the city, it means that The Parklane Group can refocus our energies on growing our two core brands; Roomzzz Aparthotels and market-leading PBSA; IconInc. We have massive expansion plans for both brands and there are very exciting times ahead. We’re actively seeking new opportunities in the marketplace and both brands are now on a trajectory for rapid growth.’’ As a family-run business, which was founded in Leeds four decades ago, The Parklane Group remains committed about its passion for Leeds.
Ahmed added: “In addition to the existing extensive property portfolio in the UK, Leeds is home to over 600 student rental properties and the award-winning brand, IconInc, which was launched in 2015 and has been named the UK’s Best Luxury Student Accommodation Provider. Leeds is also home to three of the businesses 11 market-leading, award-winning Roomzzz Aparthotels. “The new owners have ambitious plans and the experience to transform this prime development land into stunning apartments. They’ll be supporting the redevelopment with significant investment in the wider area too. This well positioned scheme will benefit immensely from their proven track record in residential development.” Adam Sims, The Parklane Group’s Development Consultant, continued; “This move puts the business in an even stronger position to continue to grow and develop its extensive property portfolio. It is testament to Naveen’s long-term vision, foresight and determination to succeed and will allow the team to explore the strong pipeline of opportunities across the UK.”