UK value-add real estate investment and asset management firm Tri7 and its joint venture partner Fusion Group have secured planning permission from Leeds City Council for a purpose-built student accommodation (PBSA)-led scheme in the centre of the city.
Under the plans approved unanimously, Tri7 and Fusion Group will deliver a mixed-use development containing 807 student bedrooms as well as 36,000 ft2 of retail and commercial space at ground level.
Designed by architects Corstorphine & Wright, Tri7 and Fusion Group will target an EPC A rating and BREEAM Excellent for the PBSA space and BREEAM Very Good for the retail space. It will feature low carbon air source heat pumps, low water consumption fixtures and fittings, and low energy and controlled ventilation and lighting.
Tri7 acquired The Core in July 2021 as part of its value-add real estate investment strategy. The specialist value-add real estate investor and asset manager is actively seeking to invest £250 mln for similar bed-led (PBSA and build-to-rent) regeneration schemes in UK towns and cities with Russell Group universities.
Dan Green, partner at Tri7, said: 'This development in the beating heart of the city centre will provide a benchmark for student living in Leeds and beyond. It will deliver best-in-class student accommodation, surrounded by shops, cafes, restaurants and bars, that also improves the public and community space around it. With significant capital to deploy on bed-led regeneration opportunities in town and city centres across the UK, we’re eager to explore similar such mid- and long-term acquisitions, particularly where they could involve achieving complex planning permissions, in order to drive value to our investors.'
