Leeds Beckett University has sold Sugarwell Court student accommodation to property developer Urbanite. The company will redevelop the site over 20 months into purpose built student accommodation with 457 beds. At present, the hall accommodates just under 400 people and some of the accommodation is Grade 2 listed.
The £14.8 million funding for the project was provided by Paragon Bank. Previously, Paragon provided Urbanite with £6.3 million funding for a 127-bed purpose built student accommodation scheme in Sheffield. The scheme is due for completion to meet the start of the academic year in 2022.
Timothy Smith, Director at Urbanite, said: “Urbanite is thrilled to secure a secondary deal with Paragon, bringing forward this exciting scheme for upgraded state-of-the-art purpose build student accommodation in Leeds. We’re pleased to have acquired this site and to be able to convert it into bespoke student accommodation in a prime location in the centre of Leeds.”