Land deal proposed for Yorkshire Bank head office site

A deal has been proposed for sites at Leeds Arena, including the Yorkshire Bank head office building, that could support new student accommodation and leisure developments.Leeds City Council owns two development plots (sites A and B) to the front of the Arena, which have been identified for complementary leisure uses.Plans were revealed in September 2019 for the closure of Yorkshire Bank’s Merrion Way office as part of a reorganisation to bring together the operations of Clydesdale and Yorkshire Bank with Virgin Money.A confidential third-party buyer has agreed a deal to acquire the site (identified as sites C and D) and intends to redevelop it for student housing once vacant possession is obtained; however this may not be until 2025 when the existing lease expires.Leeds City Council’s Executive will be asked to agree a land exchange of Site A for Site C at a meeting next week (16 December 2020).The proposed deal would enable the creation of a single more versatile development plot, comprising sites B and C, for the council. This could support the development of a conference, banqueting or indoor sports venue complementary to the Arena.It would also allow the proposed buyer of the Yorkshire Bank site to bring forward a student accommodation development earlier. Subject to approval, Site A could support a development of more than 30 storeys, with two lower rise buildings on Site D.Executive Board members will be asked to approve the exchange of conditional contracts with the buyer of the Yorkshire Bank site for the transaction, as well as further informal discussions with the Arena operator over the development plot.