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London investor moves into Leicester city centre development

An artists impression of the Vaughan Way development
Long Harbour, which invests in real estate and infrastructure, is to forward fund a major development on the former All Saints Brewery site on Vaughan Way. The €46.5million (£40 million) scheme, by Leicester-based developer Sowden Group, was given planning permission in March.

The development, which will be 12 storeys high at its tallest point, includes 297 apartments for rent, as well as shops and car parking. The development will also include a private residents amenity space, rooftop gardens and a sympathetic green buffer with the adjacent All Saints church. The site has been derelict for several years, after the former brewery was destroyed by fire.

Roy Coley, managing director of Sowden Group, said the scheme would bring previously derelict land into use again, providing much needed city centre residential accommodation as well as new shops.

„This is a great development which will considerably enhance a side of the inner ring road which has been neglected in the past. We are pleased that it is attracting large scale investment from London asset managers, As well as a first for Leicester, this is probably the only London investment in the private rented sector in the East Midlands,“ he said.