UK: The future of a proposed 126-key aparthotel on Leeds’ George Street is in doubt as talk take place between the city council and developer Town Centre Securities.
Plans for the £20 million project next to Kirkgate Market were thought to have fallen through following publication of a financial statement in which the developers claimed a decision was made “not to proceed” with the development.
But a Leeds City Council spokesperson has claimed the authority was still in talks with Town Centre Securities (TCS) over the site.
The project was given planning consent in December 2017, with work originally expected to start in 2019. The council opted to contribute £12.9 million to the scheme, in order to have a 50 per cent share in the aparthotel’s lease once it was completed.
A recent income statement published online by TCS relating to the project said: “£0.8m write off of George Street development costs – decision made not to proceed.”
A spokesperson for Leeds City Council said: “We continue to be in dialogue with TCS about their involvement in the scheme. The council retains ownership of its site which has increased in value through the benefit of the planning permission secured. We have invested £430,000 to secure vacant possession and the relocation of tenants affected by the George Street development. Our focus going forward is to continue to plan for the redevelopment of the site which will not require any monies to be written off.”
