Freeths advises Glenbrook on sale of residential development site

Leading law firm Freeths has advised Glenbrook on the high-profile sale and development funding agreement for a £152 million residential development in Leeds.

Founded in 2011, Glenbrook specialises in property development, investment, and asset management. The development site holds just north of 600 residential units – some built to rent and some for sale.

Glenbrook has agreed the £152 million forward funding with property investment firm, Barings, to bring forward the development of the site, which is expected to complete by the end of 2027.

Acquired on behalf of a US insurance company, the scheme on Kirkstall Road will comprise one, two and three-bed apartments set across five buildings sitting in landscape grounds, including new public realm, next to the River Aire.

More than 10,000 sq ft of amenity space will be provided, including a residents’ lounge, coworking spaces, a gym, two private roof terraces and 3,800 sq ft of commercial space.

This is the second large residential development scheme being undertaken by Glenbrook in the city after their scheme at Whitehall Riverside with Legal & General, providing 500 apartments for rent in the Leeds market, which we also advised on.

Leading the Freeths team on this deal was Real Estate Partner Stephen Lewis. He was supported by Directors Kishen Ravalia and Marie Mulligan, Managing Associate Matthew Turner, Associate Imogen Seabridge and Trainee Molly Happs.

Commenting on the sale and funding agreement, Stephen Lewis said: “As a longstanding client, we are so pleased to once again support Glenbrook in delivering it’s best in class residential developments. This transaction was complex with multiple stakeholders, as is the norm these days, but the multi office team were able to take this from acquisition, through planning, and onto a fully funded development scheme in just over three years. It’s been great to close this deal off the back of winning Law Firm of the Year at the North West Residential Property Awards last month, and we are looking forward to continuing our work both in the region and nationally.”