Shoosmiths has led property developer Torsion Group and Khalbros on one of the largest transactions seen in Yorkshire, marking a significant moment for real estate development in Leeds.
Shoosmiths Co-head of Living Judy Fawcett and Partner James Speed in collaboration with Miles Dearden, General Counsel at Torsion Group, led on the historic deal.
“It has been a privilege to work with Torsion and Khalbros as they join forces to take Leeds urban growth plan to the next level. We wish them all the success throughout this transformational process for Eastgate Quarter, the local community and the landscape of UK real estate.”
Judy Fawcett, Co-Head of Living, Shoosmiths
In a joint venture between Torsion and Khalbros, the pair acquired Eastgate Quarter to begin a £1bn mixed-use regeneration project in what is being considered one of the most ambitious city centre developments in the UK.
Eastgate Quarter will create a fully integrated community that combines purpose-built student accommodation (PBSA) and Build to Rent living with workspaces, hospitality, leisure and lifestyle amenities.
“This is a landmark moment not just for our company but for Leeds. The opportunity to help create a new neighbourhood in such a pivotal part of the city centre is incredibly exciting.
“Eastgate Quarter will stand as a symbol of collaboration and progress. We are proud to play a part in shaping a destination that will support Leeds’ growth and leave a lasting legacy for future generations.”
Dan Spencer, Founder and CEO of Torsion Group
Sustainability is at the heart of the approach, with a strong focus on minimising environmental impact and supporting Leeds’ ambitious sustainability targets
Located in the heart of Leeds, adjacent to Victoria Gate, the site had previously been earmarked for a retail-led masterplan, which has been reshaped in recent years.
“Eastgate Quarter is a once-in-a-generation opportunity to reshape one of the most strategically located city centre sites in the UK.
“Together with our investors and joint venture partners, we are committed to delivering a bold and transformational scheme with sustainability, placemaking and design excellence at its core.
“What has been vital to us and Torsion throughout this process, being Leeds-based companies, is that the scheme is being brought to life by predominantly Leeds-based outfits. This is about more than development. It is about creating the Leeds of the future, by the people of Leeds.”
David Khalastchi, Joint Managing Director, Khalbros
The joint venture partnership is now progressing a significantly larger, residential neighbourhood and a more future-focused scheme designed to meet the evolving needs of modern city life.
“Hammerson and Leeds City Council have transformed this part of the city and we are honoured to take on that baton and create something very special.”
Michael Khalastchi, Joint Managing Director, Khalbros
Khalbros and Torsion Group’s partnership provides a unique vertically integrated business model spanning investment, development, construction, and operations, enabling it to drive meaningful, long-term impact in Leeds.
“The regeneration of Eastgate Quarter will be a project that reverberates beyond Leeds and Yorkshire. Our real estate experts at Shoosmiths were delighted to be involved and to showcase the calibre of our team locally, and also within all of our offices across the UK, to take on mandates that matter to local and national stakeholders alike.
“We look forward to continuing our work on more projects that make an impact for our clients, their markets and the wider living sector.”
James Speed, Real Estate Partner, Shoosmiths
