Pioneering property developer Citu has agreed a £4m land deal with specialist lender Together.
Together has so far invested more than £25m into Citu’s projects in Yorkshire during a 14-year partnership with the property developer.
Chris Baguley, Managing Director at the specialist lender, said: “Our latest land finance deal will support Citu’s admirable ambitions to tackle climate change by creating one of the UK’s biggest sustainable urban developments.
“The first phase of the low-carbon and community-focused Climate Innovation District on the north bank of the River Aire in Leeds is now well underway, and we’re delighted that our finance is helping unlock more disused industrial space on the south bank to extend this thriving community.”
The land funded will allow Citu to free up finance for accelerating the development of the scheme after receiving substantial demand from new home purchasers.
The Scandinavian-inspired, timber framed houses and apartments use up to 90% less energy to heat than the average UK modern house. They also boast triple glazing, MVHR systems for providing healthy ventilation, rainwater collection and photovoltaic panels, which will be connected to a smart grid supplying the community’s electricity use.
Together has provided 26 property loans for Citu since 2007, most to revive disused buildings and urban wasteland.
The UK-wide specialist lender has funded various deals in Leeds but also provided funding for Citu to finance land where Sheffield’s former steel factories once stood at Kelham Island, creating the award-winning Little Kelham community. The area has since gained a new reputation for trendy city centre living for young professionals and families.
Mr Baguley added: “We’ve really bought into Citu’s vision and have been incredibly impressed with their purpose and drive to change the way people in cities live and work.
“The relationship we have with Citu over many years is something that is really important to us. They are a key partner of the Together business and their success is something that we are proud to be a part of.”
Chris Thompson, Citu Managing Director, said: “We are delighted to be continuing our collaboration with Together, whose support has been instrumental in helping to realise our business growth over the last 14 years.”
Header image:Chris Thompson, Citu Managing Director of Citu and Chris Baguley, Commercial Managing Director at Together
