HBD completes sale of £80m GDV Mabgate Yard to Cheyne Impact Real Estate

HBD completes sale of £80m GDV Mabgate Yard to Cheyne Impact Real Estate

HBD, part of Henry Boot, has announced the sale of its £80m GDV Mabgate Yard development in Leeds, with Cheyne Impact Real Estate selected to bring the scheme forward.

Cheyne Impact Real Estate launched in 2014 to tackle housing challenges in the UK through tailoring its housing investment strategy for each location and community, to address the specific local needs.

This latest deal follows the launch of the alternative asset manager’s impact BTR scheme, Poplin, in Manchester last year, where 35% of homes are voluntarily reserved for local key workers at discounted rents and all rental increases are capped. Poplin is currently ranked number one out of 55 places to live in Manchester on tenant review platform Homeviews.

HBD secured planning permission for Mabgate Yard in September 2023, following positive feedback at consultation. The 310 new apartments will be accompanied by amenities including co-working and creative spaces and new green space.

Since acquiring the site in December 2020, HBD has provided space for several local charities, including Zarach and MAP Charity, which transformed the building with a 26 ft mural during a workshop for children between 11 and 16 years old.

Ed Hutchinson, Managing Director at HBD, said: “Mabgate Yard is a fantastic scheme located in one of Leeds’ most unique neighbourhoods. Following extensive community consultations, we were keen to ensure that the development would be both high quality and have a significant affordable element and identified Cheyne Capital to bring it forward, focusing on delivering social value into an up-and-coming area like Mabgate.

“The development occupies a key strategic gateway site between St James’ Hospital and Leeds City Centre and has real potential to create a thriving community in one of the city’s most popular emerging neighbourhoods. As a long-term investor in the city and the wider region, it was important to HBD that we entrust the site to the right buyer with aligned interests. We look forward to seeing Mabgate Yard take shape in Cheyne’s very capable hands.”

Ehtizaz Chaudhry of Cheyne Impact Real Estate, said: “We are looking forward to delivering Leeds City Council’s vision through Mabgate Yard.

“Mabgate is an exciting emerging neighbourhood, full of character, historic buildings and a strong independent creative community. It is undergoing vast regeneration, is on the doorstop of Leeds city centre and offers excellent connectivity into Leeds and surrounding areas.

“Mabgate Yard will be a best-in-class build-to-rent scheme of up to 310 apartments, providing a significant amount of well-designed amenity space, landscaped gardens, enhanced public realm and ground floor commercial offerings.

“In keeping with our investment philosophy, we will create a high-quality residential scheme to complement the local requirements of this emerging area, adding to our growing portfolio of impact-led and community-centric investments. Mabgate Yard provides an opportunity to deliver a bespoke solution to create the heart of a thriving neighbourhood in an emerging area. We intend to harness the local knowledge of the experienced team we are working alongside, to create a well-considered development for the local community.”