A Leeds City Council plans panel unanimously voted in favour of approving the proposal, which was designed by Brewster Bye Architects, with Indigo Planning advising on the planning application.
YPP will demolish the existing building and replace it with a modern, part six and part eight storey building that will house 96 self-contained student apartments.
The development will also offer two ground floor retail units, a lettings office that will be occupied by YPP, and a range of communal facilities including a lounge, gym and study area.
Omar Al-Nujaifi from YPP said: “Securing this resolution is a major milestone in this project. It paves the way for YPP to develop one of the city’s flagship student accommodation schemes that sits in a superb, prime location, on the doorstep of both universities and just off Millennium Square.
“It also contributes to a really exciting time for this part of the city, especially now that positive noises are emerging from the stalled hotel development next door to our site. Both these projects have the potential to completely rejuvenate Cookridge Street and further enhance the areas around the Arena Quarter and Millennium Square.”
Chris Austin, managing director at Headingley based Brewster Bye Architects, said: “The whole ethos of this development is about creating a landmark building that students will aspire to live in. It will offer stunning living accommodation, great views and superb communal facilities.”
David Smith, an associate at Indigo Planning, says: “We’re delighted to achieve this resolution just over two months after submitting the planning application and with a unanimous decision. This is testament to the quality of the pre-application consultation that we held with both planning officers and the site’s neighbouring properties, to ensure we came up with a scheme that significantly improves and complements its surroundings.”
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