A huge Leeds housing scheme has been sold by property developers to a private investor in a £27.65m deal.
Property investment and asset management specialist Addington and its investor partner have sold Headingley Park in Leeds, a five-building freehold built-to-rent residential scheme, to a private investor client of Allsop.
Addington was set up 15 years ago by Martin Roberts and Matthew Allen as an independent asset management and investment business, and it has since established itself within the office, retail and residential sectors.
Addington has been working with its current partner since 2018 during which time the final two buildings on the site – Park House and Stockdale House – have been converted from offices into residential blocks for rent.
The whole estate comprises a 222-unit residential scheme across five buildings, all set within a 5.9-acre parkland site. The scheme provides a good mix of housing with 43 studio, 143 one-bedroom and 36 two-bedroom apartments, providing gross annual income when fully let of £2.72m.
Onsite property management company AddLiving, Addington’s sister PM company, has been retained to continue to manage the estate by the new owners.
The Headingley Park development has proved attractive to young professionals and post graduate students in Leeds, thanks to its proximity to the city centre and the university and its large parkland setting. The scheme has parking and electric charging points, a residents’ lounge, co-working area and large landscaped gardens.
In 2024 it was ranked as the best place to live in Leeds by HomeViews.
The sale was sided by property form Knight Frank, who were appointed by Addington to market the scheme in summer 2024.
Martin Roberts, principal at Addington said: “Addington has asset managed Headingley Park since 2014 and we are proud to have created homes for Leeds thriving young professionals out of redundant office accommodation. The scheme has been a success and is an exemplar for Permitted Development conversion of offices to residential and we believe should be a road map for future schemes.”
Harrison Collins, partner in the residential investment team at Knight Frank, said: “The sale of Headingley Park presented a rare opportunity to acquire a substantial, high-quality residential portfolio in one of the Ƶ’s fastest-growing cities.
"Its combination of strong yields, community focus, and sustainability features made it an attractive proposition for investors seeking to capitalise on the thriving Leeds market. It was a pleasure to act on behalf of Addington and we look forward to seeing the site prosper under the new buyer.”
