UK real estate group BlueCastle Capital has expanded its build-to-rent pipeline with the acquisition of a site in Leeds from Prescient Capital.
BlueCastle has acquired the site at the former Yorkshire Post headquarters on Wellington Street, located within the Wellington Place quarter.
The site benefits from an existing planning consent for a build-to-rent development of 348 homes, BlueCastle said.
The acquisition lifts the firm’s UK build-to-rent development pipeline to £1.1bn (€1.3bn) and represents the fifth project secured as part of its national strategy. BlueCastle said the Leeds project will form part of its seed portfolio for its UK build-to-rent fund.
To date, BlueCastle has invested approximately £70m in acquiring and progressing its five build-to-rent development sites, which together will deliver around 2,500 new homes across Leeds, Birmingham, Stevenage, Cardiff and Sheffield, the company added.
Ed Williams, CEO of BlueCastle Capital, said: “Pushing our development pipeline beyond £1bn is a significant moment for the business and reflects the scale of our ambition in UK build-to-rent. We believe we are building the highest-quality build-to-rent development pipeline in the UK, with each site selected for its location, fundamentals and long-term relevance to renters.
“Leeds stands out as one of the country’s most compelling rental markets, underpinned by employment growth, a young and skilled population and long-term regeneration. Securing a site of this quality within the Wellington Place quarter allows us to deliver a scheme that meets the needs of modern renters while contributing positively to the city’s ongoing evolution.”
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