Eastgate: Hammerson completes sale of Leeds assets for £26m

It added: “Located in the heart of Leeds, adjacent to Victoria Gate, the site had previously been earmarked for a retail-led masterplan which has been reshaped in recent years.

"The joint venture partnership is now progressing a significantly larger, residential neighbourhood and more future-focused scheme designed to meet the evolving needs of modern city life.

“The masterplan will create a fully integrated, mixed-use community, with workspaces, hospitality, leisure, and lifestyle amenities all just minutes from Leeds train station and the city’s commercial core.

“The project is expected to play a central role in the next chapter of Leeds’ urban growth, contributing significantly to housing delivery, inward investment and job creation across construction, enterprise and the wider economy.”

The spokesman said that Torsion’s and Khalbros partnership provides a vertically integrated business model, including investment, development, construction, and operations, enabling it to have a long-term impact in Leeds.

Dan Spencer, Founder and CEO of Torsion Group, said: “This is a landmark moment not just for our company but for Leeds.

"The opportunity to help create a new neighbourhood in such a pivotal part of the city centre is incredibly exciting.

“Eastgate Quarter will stand as a symbol of collaboration and progress. We are proud to play a part in shaping a destination that will support Leeds’ growth and leave a lasting legacy for future generations.”

David Khalastchi, Joint Managing Director of Khalbros, added: “Eastgate Quarter is a once-in-a-generation opportunity to reshape one of the most strategically located city centre sites in the UK. "Together with our investors and joint venture partners, we are committed to delivering a bold and transformational scheme with sustainability, placemaking and design excellence at its core.

"What has been vital to us and Torsion throughout this process, being Leeds based companies, is that the scheme is being brought to life by predominantly Leeds based outfits. This is about more than development. It is about creating the Leeds of the future, by the people of Leeds.”

Michael Khalastchi, Joint Managing Director of Khalbros, said that Hammerson and Leeds City Council had transformed this part of the city and the partners were honoured to take on the baton.

The sale follows Hammerson’s strategic exit from Leeds in 2022 following the disposal of Victoria Gate and Victoria Quarter. Hammerson retains a small interest in a mixed-use block on Eastgate, which it expects to dispose of in due course.

Councillor James Lewis, leader of Leeds City Council said: “Unlocking and securing a new future for this key area of our city centre is testament to the ambition and vision we have in Leeds. "The regeneration of Eastgate Quarter represents a major milestone for our city, with this landmark investment unlocking new homes, jobs and commercial space, helping to shape a vibrant, inclusive and sustainable future for Leeds.”

A team led by Judy Fawcett and James Speed at Shoosmiths provided legal services for the joint venture in this acquisition.