The Commercial Estates Group flagship Temple development of Leeds City Centre took another significant step forward with the acquisition of a strategic site in the ownership of Metal Finishing Coatings.
Metal Finishing Coatings owned an industrial building of almost 20,000 sq. ft. on a site of 0.71 acres. The building is situated to the rear of Temple Works, which is a Grade I listed mill building of international importance in Holbeck within the city’s South Bank regeneration area. Leeds City Council is working with the building’s owners, Commercial Estates Group to save a significant heritage building while facilitating the comprehensive regeneration of a significant proportion of Holbeck, South Bank.
The Commercial Estates Group development will be anchored by the British Library and will see some 1.12 m2 of office accommodation and 750 new houses.
Roger Hannah represented Metal Finishing Coatings in protracted negotiations with Commercial Estates Group under the threat of a potential compulsory purchase order supported by Leeds City Council. After negotiations lasting several years, an agreement has been secured between the parties that recognises the importance of property ownership and secures the long-term future of Metal Finishing Coatings.
Angela Juszczyk, Director of Roger Hannah, commented on the transaction, saying, “We often find that to secure the right transaction for our clients, it is necessary to be robust in negotiations so that the interests of a key landowner are properly recognised. I am pleased that an agreement has finally been reached, and hopefully this will be an important steppingstone in securing the regeneration of Holbeck.”
