Leeds housing and business development gets £160m boost

Thorpe Park is located at junction 46 of the M1 motorway

An insurance firm is investing more than £160m in a business and housing development in east Leeds.

Legal and General Capital (LGC) said it had acquired a 50% stake in Thorpe Park on the outskirts of the city.

The site has planning permission for an additional 60,000 sq ft of offices and 300 new homes.

LGC said its investment would speed up the second phase of the development, which will include shops, restaurants and a 113-acre public park.

"This major development will help bring the 'Northern Powerhouse' to life, supporting the wider Leeds economy and acting as a major catalyst for further investment in the UK's cities and regions," said Laura Mason, director of direct investments at LGC.

Thorpe Park has been developed by Yorkshire company the Scarborough Group, which also owns a 50% stake in Sheffield United football club.

The site is located by the M1 motorway and current tenants include IBM, GE Capital and United Utilities.

LGC claims the new development could create up to 13,000 jobs and the surrounding area could eventually see the building of 7,000 homes.