entrepreneur and businessman stood outside a building development

Major eco-homes development to take shape after £4m land deal.

08 Apr 2021 | 2 min

Pioneering property developer Citu has agreed a £4million 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, 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.”

All content factually correct at the time of publishing.

Articles on our website are designed to be useful for our customers, and potential customers. A variety of different topics are covered, touching on legal, taxation, financial, and practical issues. However, we offer no warranty or assurance that the content is accurate in all respects, and you should not therefore act in reliance on any of the information presented here. We would always recommend that you consult with qualified professionals with specific knowledge of your circumstances before proceeding (for example: a solicitor, surveyor or accountant, as the case may be).

Lending decisions are subject to an affordability/creditworthiness assessment.

Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Business Development Finance