The Water Lane scheme, designed by Carey Jones Chapman Tolcher (CJCT), will transform the vacant former car park site into a new neighbourhood of 375 apartments.

The development will feature residents’ lounges, shared workspaces, gym, and events areas, with roof gardens on the 1st, 9th, and 14th floors.

Matthew Biddle, Managing Director, McLaren Living, said: “We’re extremely excited to be working with Leeds City Council to deliver this landmark development to bring forward high quality yet attainable new homes in this highly accessible location.

“We are committed to Leeds, it is a well-connected city, with fantastic retail, leisure amenity and a growing reputation as an attractive headquarters location, resulting in huge potential for investment and growth.

“We’re currently bringing forward two build-to-rent schemes in the city, with our well-located rented accommodation expected to receive strong resident demand.

“Water Lane is an excellent example of the high-quality residential schemes we are known for delivering, focused on the resident experience, while ensuring we bring forward a sustainable and thriving new neighbourhood.”

McLaren Living has appointed Allsop to source an investment partner, with development anticipated to commence this summer.

McLaren Living was established to specialise in residential development, particularly focussing on the build-to-rent market.

McLaren recently established a full-time presence in the North of England by taking office space in Leeds, delivering developments worth around £550 million, including Wellington Street and Water Lane.