Asset Capital and Prescient Capital, has secured funding from senior debt facilitator BLG Development Finance to redevelop 26 Great George Street in Leeds, the grade II listed former Victoria Commercial & Family Hotel and adjacent Shenanigans pub 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 the latter 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, near Leeds Town Hall, 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 rear extension rising four storeys. The Victorian exterior façade will be restored, protecting heritage value, and enhancing aspects that contribute positively to the sites significant setting.

Daniel Newett of Asset Capital, said: “We are delighted to partner with BLG to bring forward this important regeneration and conservation project.

"Our plans will help to preserve this historic pub for future generations to enjoy whilst also making best use of the wider plot for much needed new student accommodation.”

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Perry Kurash, head of new business at BLG, added: “We are delighted to be working with such a highly professional team on this really exciting project. I am sure it will be a great success and will serve the city extremely well.”

Headoffice3, a locally based specialist in office to residential conversions, has been appointed to carry out the redevelopment. Workstarted on site this month with a view to complete by the end of 2024. Prestige Student Living, a brand of Homes for Students, will manage the accommodation.

Former Victorian hotel dating back to 1865 among buildings in Leeds to be turned into student accommodation