TCS confirmed for George Street scheme

Town Centre Securities (TCS) has been confirmed as the development company selected to carry out a scheme designed to revitalise a historic street in Leeds city centre.Members of Leeds City Council’s executive board have approved TCS as the council’s selected partner to transform the George Street area, between Kirkgate Market and the Victoria Gate development.TCS submitted plans for the development following an open invitation by Leeds City Council, to all developers, for proposals to create a development for the gateway between the new Victoria Gate development and newly refurbished Kirkgate Market.As revealed by Insider last week, the council and TCS will form a partnership, with the council acquiring a 50 per cent ownership of the completed development. The overall investment by Leeds City Council is estimated to be £12.9m.The proposals include replacing the current outdated 1930s and 1980s buildings with a new aparthotel and nine commercial units which will bring more visitors into the area and improve the flow of customers between the market and Victoria Gate. The high standard of the proposed development will attract high quality retailers which will not only add value to but also complement the existing offer in the market.The ground floor commercial units will have entrances on George Street and form connections through to the former Butchers Row, which offers the opportunity to access the market from several points along George Street. The aparthotel will also link directly into the market as well as from George Street to encourage guests to visit Kirkgate during their stay in Leeds.A full planning application for the development will be submitted in 2018 with work due to start in 2019.The council said discussions with the existing tenants who will be affected by the redevelopment have been taking place for a number of years and alternative arrangements have already been made with the majority, either to relocate elsewhere, potentially look to be part of the completed development or receive an appropriate level of compensation.