15 March 2024 – Tri7, the specialist UK value-add real estate investment and asset management firm, and its joint venture partner Fusion Group, one of the largest privately owned student accommodation developers and operators in the UK, 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 best-in-class mixed-use development. Made up of three connected buildings of between five and nine storeys containing 807 student bedrooms in a mix of configurations, the development will place an emphasis on student wellbeing.
Located on the site of The Core shopping centre, the partners will also create 36,000 sq ft of retail and commercial space at ground level, including two new arcades that will improve east-to-west connectivity from Lands Lane to Albion Street around the city centre and provide additional community space.
Designed by architects Corstorphine & Wright, Tri7 and Fusion Group will target an EPC A rating and BREEAM Excellent for the PBSA space – in line with both partners’ wider ESG targets – 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.
Leeds has a population of nearly 40,000 students in full-time education and a significant number of international students, served by four major institutions including the University of Leeds, a member of the Russell Group.
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 million 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.”
Paul Miles, Construction Director at Fusion Group, said: “Achieving planning permission on this scheme is a reflection of the commitment from our team to create a truly exceptional development that benefits both its future residents and the people of Leeds through much improved public realm and commercial space. With Fusion’s typical focus on designing for positive living, we look forward to beginning construction on a scheme that will support residents to enjoy an active lifestyle, excellent focused study spaces, and an all-around well-balanced time throughout their academic years.”
