Home > News > Skyscraper News > Yorkshire and Humber > Green Bank Leeds Set For Launch

Green Bank Leeds Set For Launch

The bets are on Green Bank in Leeds being the next tall residential building in Leeds to begin construction with the launch of apartments starting in London today and continuing this Saturday.

The project also known as the Globe Road Development has been developed by George Wimpey Homes and designed by Assael Architecture after winning a RIBA design competition for the plot of land next to the River Aire formerly occupied by 'Doncasters' engineering factory.

The landmark building of the development will be Providence Tower, a 120 metre tall 34 floor block, built from white render and clad in a copper effect light reflective material.

Also running along the waterside will be a series of lower-rise buildings stepping up away from the main tower in height to reach a maximum of 16 floors arranged around the curving of the site.

In total the development will contain 800 apartments ranging from studio flats to 3 bedroom accommodation and prices starting at just under 120,000. The prices are comparatively low for Leeds thanks to the fact that a number of other developers are all competing against each other in the same market, one much more limited than that of high-rise living rival - Manchester.

With Green Bank, Bridgewater Place and Clarence Dock all expected to be completed around the same time this translates into over 1,000 very similar apartments flooding onto the market at once rather than a gradual drip drip of properties to satisfy organic demand. The vast majority of these units are being bought by landlords to rent out to third parties rather than actual future residents.

The realisation of this by George Wimpey is evident from the inducements they are offering potential buyers including a guaranteed gross rental income of 7% p/a to 2010 for studios, something of little use to actual residents unless they manage the legally dubious achievement of renting to themselves but perfect for the much marketed proximity to the university for aspiring landlords of students, free legal fees and even furnishing of the units.

That developers can afford to give such benefits to buyers to start with and still continue with the project shows the level of profit they have been making on developments like this in the past few years.

George Wimpey hope to have completions of the project beginning in 2008 and running through to 2010.

Article Related buildings:

Providence Tower

Providence Tower
Whitehall Place

Whitehall Place
Bridgewater Place

Bridgewater Place
Green Bank Leeds
Green Bank Leeds