Leeds Climate Innovation District receives £26m loan to support second phase of development

The development is a major pillar of the Leeds South Bank regeneration scheme, which is one of the largest regeneration programmes in Europe.

Nick White, head of development origination at Octopus Real Estate, said: “This is exactly the kind of loan we want to be doing more of at Octopus Real Estate; supporting a regional housebuilder pushing the boundaries of sustainable development to deliver real change.

"Citu’s Climate Innovation District is a model of how to economically build zero carbon neighbourhoods that create greener, healthier, smarter and better-connected cities.”

The Climate Innovation District will deliver over 900 low-carbon, energy-efficient homes.

The second phase of the development, funded by Octopus, will include 247 residential units – comprising 161 apartments, 69 houses and 17 affordable homes – as well as six commercial units.

These homes will sit at the foot of the award-winning bridge that connects the banks of the River Aire, and will be set amongst multiple climate-resilient public green spaces.

The loan provided by Octopus covers the refinancing of existing debt, and will fund the remaining construction costs, professional fees and associated costs required to complete and sell the units.

The completed units will include a Mechanical Ventilation Heat Recovery system which captures and recycles heat from the home.

The properties will also include green roofs, rainwater collection, photovoltaic solar panels, and fully electric heating, with no gas boilers.

Citu estimates that on average each home will save 4 tonnes of CO2 per year compared to traditionally built homes, plus around 60 tonnes of embodied carbon per home.