A major new development in the heart of Leeds is being planned after a developer completed the purchase of a site at Eastgate in the city centre.
The joint venture of A Khalbros and Torsion Group has acquired the site from Hammerson for £26 million and now plan a £1 billion residential-led mixed-use scheme, which will replace the originally planned retail development on Templar Street. The site is in a prime location close to the Kirkgate Market, coach station and the West Yorkshire Playhouse.
Joint managing director of Khalbros Michael Khalastchi commented: “Hammerson and Leeds City Council have transformed this part of the city and we are honoured to take on that baton and create something very special.”
Commenting on the plans, leader of Leeds City Council James Lewis said: “The regeneration of Eastgate Quarter represents a major milestone for our city, with this landmark investment unlocking new homes, jobs and commercial space.”
The project may increase demand for plant machinery in Leeds, where there have been several major developments in and around the heart of the city in recent years. Among them are the first skyscrapers built in Leeds, with the 112 m Bridgewater Place holding the title of the tallest building in the city until it was overtaken by the 113 m Altus House in 2021.
Another major area of redevelopment is to the south side of the city centre, across the River Aire in Holbeck, an area that has been rebranded as the South Bank and is set for a massive transformation over many years as modern mixed-use developments revive a district once dominated by the textiles industry.
These areas will also be linked up by the long awaited arrival of a tram system for Leeds, which with a population of more than 800,000 is the largest city in Europe without a metro system of some form. Prime minister Sir Keir Starmer gave the plan his backing during a recent visit to the West Yorkshire metro region.