Avison Young UK’s Residential Investment team has brought an exciting, large-scale high-rise development opportunity to the market in the heart of Leeds city centre.
A joint venture partner is sought with the developer, Wharfedale Property, to deliver an exciting, large-scale project located on Belgrave Street. The site extends to 0.18 hectares (0.44 acres). Wharfedale Property is welcoming proposals that offer the scheme as purpose-built student accommodation (PBSA), co-living and/or Build to Rent.
Leeds is home to a thriving student population of approximately 72,100 full-time students (HESA 2023/24), making it the fourth-largest student city in the UK outside London. The city also attracts a significant international cohort, with 19,085 overseas students contributing to robust and sustained demand for high-quality accommodation.
The existing PBSA market in Leeds is well established, comprising 77 schemes that together provide around 117,079 beds. Of these, only 6,030 beds are fully or partially nominated by universities, highlighting the important role of private operators in meeting student housing needs.
Despite this scale, the city remains under-supplied. According to StudentCrowd, there is a demand pool of 46,945 students actively seeking accommodation in Leeds, resulting in a student-to-bed ratio of approximately 2.75:1.
This mismatch is further compounded by a mature but increasingly pressured HMO sector, where quality, safety, and amenity provision often fall short of PBSA standards.
Rental values vary depending on location, specification, and service offering. Cluster flats typically achieve between £170 and £250 per week on 43 or 44-week contracts, while studio rents range from approximately £220 to £436 per week (51-week contracts), with top-end schemes like Vita commanding premium prices.
In the immediate area surrounding the site, there are 12 operational PBSA schemes providing a combined total of 3,935 beds. The local context and limited availability of new development opportunities make this an attractive location for further high-quality PBSA delivery.
With strong demand drivers, a limited supply of institutionally managed stock, and rental levels that support a compelling investment case, Leeds offers a prime opportunity for a joint venture partner to deliver a best-in-class PBSA scheme.
