Tri7 and Fusion Group secure planning for Leeds PBSA scheme

Tri7 and Fusion Group joint venture secures planning approval for a purpose-built student accommodation (PBSA) scheme in Leeds city centre.

Proposed redevelopment of The Core in Leeds | PBSA News
Proposed redevelopment of The Core in Leeds.

Specialist UK value-add real estate investment and asset management firm – Tri7 – and joint venture partner Fusion Group, one of the largest privately owned student accommodation developers and operators in the UK, have secured planning permission from Leeds City Council for a new PBSA scheme in Leeds.

Under the unanimously approved plans, the pair will deliver a mixed-use development at the site of The Core shopping centre, which will include three connected buildings ranging from five and nine storeys. With an emphasis on student wellbeing, the scheme will deliver 807 student bedrooms in a mix of configurations.

“Achieving planning permission on this scheme is a reflection of the commitment from our team to create a truly exceptional development that benefits both its future residents and the people of Leeds through much improved public realm and commercial space. With Fusion’s typical focus on designing for positive living, we look forward to beginning construction on a scheme that will support residents to enjoy an active lifestyle, excellent focused study spaces, and an all-around well-balanced time throughout their academic years.”

Paul Miles, Construction Director, Fusion Group

The plans also include the delivery of 36,000 sq ft of retail and commercial space at ground level, including two new arcades that will improve east-to-west connectivity from Lands Lane to Albion Street around the city centre and provide additional community space.

Designed by architects Corstorphine & Wright, the scheme will target an EPC A rating and BREEAM Excellent for the PBSA space – in line with both Tri7 and Fusion Group’s wider ESG targets – and BREEAM Very Good for the retail space. The scheme will also feature low carbon air source heat pumps, low water consumption fixtures and fittings, and low energy and controlled ventilation and lighting.

Tri7 acquired The Core shopping centre site in July 2021 as part of its value-add real estate investment strategy. The specialist value-add real estate investor and asset manager is actively seeking to invest £250m for similar bed-led (PBSA and Build to Rent) regeneration schemes in UK towns and cities with Russell Group universities.

“This development in the beating heart of the city centre will provide a benchmark for student living in Leeds and beyond. It will deliver best-in-class student accommodation, surrounded by shops, cafes, restaurants and bars, that also improves the public and community space around it.

“With significant capital to deploy on bed-led regeneration opportunities in town and city centres across the UK, we’re eager to explore similar such mid- and long-term acquisitions, particularly where they could involve achieving complex planning permissions, in order to drive value to our investors.”

Dan Green, Partner, Tri7