Leeds City Council has confirmed that property company Glenbrook has been chosen as the preferred bidder for a key gateway site in the heart of Leeds's South Bank.

The Council made the vacant 0.18-hectare plot at Meadow Lane available for purchase last year as part of its efforts to drive regeneration activity across the South Bank. Subject to the award of planning permission and the full conclusion of the sale, it will be brought forward by Glenbrook as a high-quality residential scheme that will include affordable housing.

The site was established during a recent transformation of Meadow Lane by the council, which included reconfiguring the highway, removing the old Hunslet Lane surface car part and creating an attractive green space.

The new building is expected to complement existing landmarks like the David Oluwale Bridge and the Hibiscus Rising sculpture. It will also serve as an impressive connection between the nearby Aire Park development and the rest of the city centre. The sale would generate a substantial capital receipt for the council, which is currently facing unprecedented budget pressures.

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Councillor James Lewis, leader of Leeds City Council, said: "We're determined to do whatever we can to help unlock major residential and commercial developments, including new affordable housing, across the South Bank and the rest of the city centre.

"The value of such an approach is underlined by the new use planned for this prime piece of land, which was opened up for potential purchase and development as part of our work to regenerate Meadow Lane and the surrounding area."

The site was marketed for the council by the Leeds office of global real estate firm Cushman and Wakefield.

Daniel Roberts, development director at Glenbrook, said: "We are pleased that Leeds City Council has chosen to partner with us on this significant project, which forms part of the ongoing transformation of the South Bank area. The opportunity at Meadow Lane builds on our existing development pipeline in the city and we look forward to collaborating with our public sector partners to deliver more high-quality housing in the city centre."

Running along the southern side of the River Aire, Leeds's South Bank covers the equivalent of 350 football pitches. Ongoing regeneration activity in the area led by the council should, when complete, deliver 35,000 jobs and 8,000 new homes.