HBD, part of Henry Boot, has announced the sale of its £80 mln (€93 mln) GDV Mabgate Yard development in Leeds, with Cheyne Impact Real Estate selected to bring the scheme forward. Financial details were not disclosed.
HBD acquired the site in December 2020 and secured planning permission for Mabgate Yard in September 2023, following positive feedback at consultation. The 310 new apartments will be accompanied by amenities including co-working and creative spaces and new green space.
Ed Hutchinson, managing director at HBD, said: 'Mabgate Yard is a fantastic scheme located in one of Leeds’ most unique neighbourhoods. Following extensive community consultations, we were keen to ensure that the development would be both high quality and have a significant affordable element and identified Cheyne Capital to bring it forward, focusing on delivering social value into an up-and-coming area like Mabgate.'
Ehtizaz Chaudhry of Cheyne Impact Real Estate, said: 'In keeping with our investment philosophy, we will create a high-quality residential scheme to complement the local requirements of this emerging area, adding to our growing portfolio of impact-led and community-centric investments.'
Cheyne Impact Real Estate launched in 2014 to focus on residential development in the UK.
This latest deal follows the launch of the alternative asset manager’s impact BTR scheme, Poplin, in Manchester last year, where 35% of homes are voluntarily reserved for local key workers at discounted rents and all rental increases are capped.
