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Alpha Real sells Monk Bridge residential site

Alpha Real sells Monk Bridge residential site

Alpha Real sells Monk Bridge residential site – Alpha Real Trust has announced the sale of its residential development site, “Monk Bridge” in Leeds to Highline Holdings Limited and Whitehall Holdings Limited, wholly-owned subsidiary entities of City Developments Limited for a total transaction value of £15.4 million.

Alpha Real bought the development site in December 2015 at which time the site had implemented planning consent for 269 residential units. Detailed consent was subsequently granted for a further 395 residential units (see our story from October 2018) in the development over 5 buildings of up to 21 storeys. Full planning permission was obtained for the site which has a residential and commercial net lettable area of around 386,000 sq ft and 16,000 sq ft respectively.

The sale price is above the latest published value for the site. Alpha Real Trust has sold the site with the benefit of full detailed planning permission and completed final stage plans.

Proceeds from the sale are to be deployed in line with the investment strategy.

ARTL : Alpha Real sells Monk Bridge residential site

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