Commercial Estates Group announces £400m development

Commercial Estates Group announces £400m development



Commercial Estates Group has recently appointed contractor I & H Brown for its multimillion pound development in Leeds….

Commercial Estates Group has recently appointed contractor I & H Brown for its multimillion pound development in Leeds.

The national developer has already completed the colossal investment on Kirkstall Forge and Apperley Road in Leeds, into the demolition and remediation of the site, which spans 23 hectares.

The scheme, which started this month, will bring a new railway station and an access road by summer next year, which in turn, will deliver 1,000 new homes and 300,000 sq ft of office space. The scheme, once completed, is set to boost local economy by £5 million a year, where 2,400 jobs will be created from it.

The beginning of the construction works comes as representatives of Leeds City Region attended MIPIM UK last week to sell investment propositions to property investors.

Commenting on the development, Jon Kenny, Director of CEG, said: “Today kick-starts one of the most ambitious schemes in Leeds’ development pipeline.

“Working closely with Rachel Reeves MP, Leeds City Council and West Yorkshire Combined Authority, we have ensured that something very special and unique can be delivered at Kirkstall Forge; this sustainable travel offer and the quality of the new amenities and stunning riverside location will undoubtedly make it one of the most sought-after destinations in the north for both businesses and residents.”  

Rachel Reeves, MP for Leeds West, said: “Kirkstall Forge is unique; the quality of the on-site amenities combined with its stunning riverside and woodland location will undoubtedly make it one of the most sought-after destinations in the north for businesses and residents.

“Kirkstall Forge is set to stimulate the local economy and will ultimately be a catalyst for major regeneration, much-needed housing delivery and job creation on a brownfield site.”

It has been stated that a maximum of £10.3 million will be provided towards the development of the railway stations on the Apperley Bridge site by The Department for Transport. £5 million worth of private sector funding supplemented by West Yorkshire Combined Authority will also go towards the development, and local funding will make up the remaining 40 per cent of costs.

Also commenting, Councillor Peter Box, Chair of West Yorkshire Combined Authority, said: “A new rail station is a key element of the Kirkstall Forge development site. Together with a new rail station at Apperley Bridge, Kirkstall Forge station will support new jobs, reduce traffic on busy routes between Leeds and Bradford and ease traffic congestion on Leeds City Centre.

“Two trains per hour each way from the station will provide a forecast 400,000 passengers each year with a six-minute link to Leeds City Centre, and complement the A65 Quality Bus Lane which opened in 2012.”

Lurene Joseph, CEO of Leeds and Partners, added: “It is fantastic to have CEG on board as we attend MIPIM UK this week, especially as we see their ground-breaking project coming to life with construction underway on the Kirkstall Forge site. The increased connectivity, commercial space and superb residential offer at Kirkstall Forge will be of great interest to private sector investors attending MIPIM UK.”

The developer will also be investing a staggering £10 million for the redevelopment in housing, education and improvements for transport. The firm will also be offering commercial space on a bespoke lease package, so that tenants can amend the building and lease terms.

Kirkstall Forge will be developed into a mixed-use community in a wooded riverside setting, bringing new homes, a high quality office park, shops, restaurants, a gym, crèche as well as other facilities.

Northern Rail Managing Director, Alex Hynes, said “Development along this line will give more people the opportunity to use the train. Travelling by rail is convenient, fast and frequent. It’s exciting to be able to see real progress being made on site. Our customers will also see it as they pass by on our trains and we hope many more will benefit from this fantastic investment.”

Warrick Dent, Area Manager for Network Rail, commented: “We are very proud to be supporting this exciting development, which will see new rail services and growth for this area. We know demand for rail travel is only going to increase over the coming years, so we are committed to supporting growth and increased capacity on our network.”



 


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1 Comments

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    Rena Dort

    wow, awesome article post.Much thanks again. Awesome.

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