A Grade II-listed former mill in Leeds is set to be transformed into a vibrant residential destination with a 32-storey housing tower following a £54.4m loan deal.
Real estate finance provider Maslow Capital has provided the multimillion-pound development loan to back a joint venture between CityLife and Torsion Group, which is set to develop the landmark Sky Gardens scheme in the city.
A brownfield site which is just under one acre in size will be turned into Sky Gardens, a huge build-to-sell scheme with 306 homes set across the 32-storey skyscraper – which is set to become one of Leeds’ tallest buildings – and a three-storey refurbished former mill.
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Once finished, apartments will range from studios to three-bedroom homes to cater for different residents, and the project will also include a number of “premium” on-site facilities including a gym, a cinema room, a luxury residents reception lounge, and the ‘Sky Garden’ – a stunning rooftop area with 360 degree views across the city from the top floor. The development will also include two commercial units.
The development team says it is working to preserve and sensitively restore the Grade II-listed mill and integrate it into the wider design, as part of a block housing 22 residential units.
The developers say Sky Gardens, set on Water Lane in Leeds’ South Bank regeneration area, embodies Leeds’ ambitious spirit.
Gareth Morgan, managing director at CityLife, said: “Leeds has always been a city of ambition and reinvention, and Sky Gardens embodies this spirit. This project allows us to preserve an extraordinary piece of our industrial history while offering modern, sustainable living that meets the needs of today’s residents.”
Matt Pigram, senior director, origination at Maslow Capital, said: “CityLife and Torsion Group bring extensive expertise to this project, and we are confident their combined vision will drive the scheme’s success. This £54.4m facility deepens our partnership with both developers, bringing our total support to a combined 896 homes across three major Leeds projects—an effort that underscores our commitment to addressing the region’s ever-growing need for high-quality housing.”
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David Worsley, COO at Torsion Group, said: “We are delighted to continue our longstanding relationship with Maslow Capital with this being our third transaction following the successful completion The Phoenix and Flax place. Torsion Group is proud to be part of this joint venture, bringing together a highly experienced delivery team including investment, construction and development management expertise.
“In partnership with CityLife, we are fully committed to providing Leeds with a best-in-class development which is designed and constructed with placemaking and ESG at the heart of the concept.”
The transaction marks the continuation of a relationship between Maslow, CityLife, and Torsion, who are repeat borrowers. Maslow previously provided a £32.8m development loan for CityLife’s 223-unit Springwell Gardens project in Leeds and supported Torsion with a £55m facility for their 367-apartment residential project in the city. Collectively, Maslow has financed £142.2m in loans across all three projects, supporting the delivery of 896 residential units in Leeds.