GMI Construction Group has started work on the last piece in the jigsaw of the prestigious Sovereign Square development in Leeds.

The high-profile project comprises a 12-storey high, 305 room hotel on the last remaining plot within the flagship development site.

GMI is principal construction contractor, having been appointed by the Marrico LLP and Helios development JV partnership.

Around 190 jobs will be created during the construction phase, with the 140,000 sq. ft hotel creating over 80 full-time jobs upon completion in 2024.

The hotel’s striking façade will be faced in two types of brick, a terracotta red and light beige, with detailing around the recessed double/triple height window bays.

The ground floor frontages will be behind a colonnade, with recessed detailing around the arch-heads and down the columns, with a glazed frontage behind.

Steve Ford, Construction Director at Marrico, said: “This project will deliver a first class hotel in a prime location and helps address a shortage of quality accommodation for business and leisure visitors to the city. This is the final remaining development site in Sovereign Square, adjacent to the railway station and at the heart of Leeds vibrant business, retail and leisure sectors.”

Funding Deal Agreed For £63M Hotel

A funding deal has been agreed to bring forward a £62.7m hotel on a prominent site adjacent to the railway station in Leeds city centre.

Marrico Asset Management and Helios Real Estate have signed a forward funding deal with UK Commercial Property REIT Ltd to build a 305-bed hotel to be operated by Interstate Group under the Hyatt brand.

The £62.7m hotel will be developed by the partnership on their Sovereign Square site in the city centre adjacent to the railway station.

Construction will begin immediately with our appointed contractor GMI Construction.

The 12-storey hotel is scheduled to complete in 2024, with a 25-year franchise agreement in place with Hyatt Hotels.

The 305 rooms will be split between the short stay Hyatt Place and the long stay Hyatt House brands. The premium hotel will provide meeting rooms, a gym and several food and beverage options, including a rooftop bar.

Richard Bland, of Marrico, said: “The acquisition is in line with UKCM’s strategy to take exposure to operational real estate sectors that are expected to deliver resilient rental incomes. The hotel will be operated under a lease by Interstate Hotels, a leading international hotel operator, with UKCM’s rental income based on the income generated from the operation of the hotel.”

US multifamily giant commits to £300m project

Work will start this summer on a £300m mixed-use scheme to transform the former International Swimming Pool site in Leeds.

Development partners Marrico Asset Management and Helios Real Estate have brought forward the scheme’s start date to July after striking a deal with a US private rental operator Cortland Group.

The entire Lisbon Street scheme consists of a cluster of four high-rise buildings and gained full planning last year.

The partners will now start work on the first phase of 600 build to rent flats in 33 and 22 storey towers.

Lisbon Street site will also eventually incorporate 550 student beds in a 24-storey block and a further two phases for hotels and offices.

Marrico and Helios said it would now focus on unlocking these next stages of development at the site.

Richard Bland, partner at Marrico Asset Management, said: “We are delighted to have signed this deal with Cortland for our flagship scheme in Leeds.

“This will be one of the city’s landmark buildings and we believe will set new standards in BTR accommodation in the city.”