The freehold interest in a part-complete, 206-bedroom hotel in Leeds has been put on the market for offers in excess of £6m.
Situated at Portland Crescent near the Leeds Arena, the city centre site has planning consent and is part complete to nine storeys. It will be 14 storeys once completed.
Commercial property consultancy Lambert Smith Hampton (LSH) has been appointed by Duff & Phelps to sell the site.
Despite a 13% increase in average daily room rates in Leeds since 2013 and strong occupancy, the city has only seen three significant new hotel openings since 2013, with two new developments having recently been announced by Singaporean Heeton Holdings and Idé Real Estate.
Hugh Anderson, director of hotels at LSH, said: “Over the past few years, strong occupancy levels in the city have resulted in a number of new developments coming to fruition to meet the demand. Due to the location of the site, which is a short walk from cultural and transport hubs and Leeds Beckett University, we expect the asset will be in high demand and as such, we anticipate a high volume of interested parties.”
Videos from The Caterer archives