New Â£20m retail and aparthotel scheme to open in Leeds

The new scheme is adjacent to the new Victoria Gate shopping centre and the central market in Leeds city centre

The development will consist of a newly constructed building containing 117 separate aparthotel units and nine ground floor units for a range of commercial uses including retail, cafes, restaurants, bars and takeaways.

The development will be a partnership between TCS and Leeds City Council, with the council acquiring a 50 per cent ownership of the completed development.

Work on site is due to start in the first quarter of 2019 with completion due in 2020.

The aparthotel's units will consist of 82 studios, 31 one-bedroom and four two-bedroom units.

Edward Ziff, chairman and chief executive of Town Centre Securities, said: "Leeds has seen an influx of visitors and businesses and we are delighted to have secured this scheme to deliver additional accommodation capacity in this sought-after location. We are delighted to be working with Leeds City Council and apart hotel operators and are confident this scheme will further enhance the regeneration of this area of Leeds.

"Our development programme, which focuses on both creating and improving investment properties from within our portfolio, and seeking new opportunities such as this one, offers considerable potential for value creation.

"The programme continues to progress well and is expected to drive increases in rental income and capital value in our portfolio."

Analyst Kieran Lee at Liberum said: "For Town Centre Securities this represents another good deal and a positive continuation of the Leeds Council relationship, structured in a way which should not materially affect the company’s debt position while leaving it well placed to secure future development opportunities."