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Leeds Approves Revised Lumiere Proposals

Although it's on hold work is in a sense at least, continuing on the Lumiere project in Leeds.

Council officials at Leeds approved numerous changes to the two towers which would increase their marketability, hardly a surprising move given the local council is supportive of what it sees as a project that can define modern Leeds.

Amongst the changes by Ian Simpson Architects is an increase of one floor in each tower with the tallest going up to 55 and the shorter now being 32. The number of apartments in the overall project has also been increased with 952 now instead of 838.

Other modifications include a revised plan for the Winter Garden between the towers and subtle changes to the palette of the cladding.

There is a triple whammy of issues that are effecting the current problems that many developers, not just KW Linfoot are facing that right now are combining to make a perfect storm.

Rising oil prices, and increasing demand from the growing economies of India and China are causing commodity prices to rise. This means things like steel are more expensive and construction costs increase.

The credit crunch has increased the cost of financing and borrowing. Lenders are becoming more cautious with their money so many schemes are unable to get anything at all.

Partly as a result of the borrowing market being so difficult, mortgages are gradually drying up. Many of those who can get mortgages are staying out of buying a property right now planning instead to wait and see. This is driving down the price per unit that a developer can get on each apartment sale.

KW Linfoot are however in for the long haul and plan on getting the 155 million project overlooking Wellington Street underway. Having now tweaked Lumiere allowing it to be profitable as conditions improve, they are in the position of being able to wait several years before they proceed with the project, just not yet.
The Lumiere, Leeds
The Lumiere, Leeds