A developer partnership has completed a landmark acquisition in Leeds, West Yorkshire, that is said to pave the way for one of the UK’s most ambitious city centre developments.
The acquisition of the £1bn Eastgate Quarter development has been completed by a strategic joint venture between Khalbros and Torsion Group, in a deal said to be one of the largest transactions in Yorkshire.
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.
The joint venture partnership is now progressing a significantly larger, residential neighbourhood and what it says is a more future-focused scheme designed to meet the evolving needs of modern city life.
The masterplan will create a fully integrated, mixed-use community, with workspaces, hospitality, leisure, and lifestyle amenities – all just minutes from Leeds train station and the city’s commercial core.
The project is expected to play a central role in the next chapter of Leeds’ urban growth, contributing significantly to housing delivery, inward investment and job creation across construction, enterprise and the wider economy.
Dan Spencer, founder and chief executive of Torsion Group, said: “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.”
Torsion’s and Khalbros’ partnership provides a unique vertically integrated business model – spanning investment, development, construction, and operations – enabling it to drive meaningful, long-term impact in Leeds.
Sustainability is said to be at the heart of the approach, with a strong focus on minimising environmental impact and supporting Leeds’ ambitious sustainability targets.
David Khalastchi, joint managing director of Khalbros, said: “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.”
Michael Khalastchi, joint managing director of Khalbros, added: “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.”
Councillor James Lewis, leader of Leeds City Council, said: “Unlocking and securing a new future for this key area of our city centre is testament to the ambition and vision we have in Leeds.
“The regeneration of Eastgate Quarter represents a major milestone for our city, with this landmark investment unlocking new homes, jobs and commercial space, helping to shape a vibrant, inclusive and sustainable future for Leeds. We look forward to working closely with the joint venture partners to bring their ambitious vision to life”
Read next: Acquisition places Cambridge on runway to new homes
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
