By Ian Briggs - Deputy EditorTHE YORKSHIRE residential property market has been given a fillip after more than 50 apartments at the region's tallest building became occupied within eight weeks.

Following Landmark Development Projects and St James Securities' purchase of the remaining apartments at Bridgewater Place from former joint venture partner KW Linfoot, all 49 of the studio, one and two bedroom rental apartments have been let.
 
Three apartments have been sold, including the sale of the penthouse at the top of the 32-storey Leeds city centre building for around £600,000.

The building began as a joint venture development with Landmark and St James Securities on the commercial element which incorporates 225,000 sq ft of office accommodation over 10 floors and 15,000 sq ft of retail space on the ground floor.

City living developer KW Linfoot developed the 200 apartments in the building, with 148 sold off-plan. Leeds-based Landmark and St James recently negotiated a buy-back of the remaining apartments and refurbished those aimed at the lettings market.

Chris Gilman, director of Landmark Development Projects, said the "phenomenal success" of the sales and lettings strategy showed positive news for the region's residential market.

Mr Gilman said: "When the residential market went into slow-down, KW Linfoot looked into various sales approaches for the remaining apartments.

"We have always had confidence in Bridgewater Place as Yorkshire's leading location for both commercial and residential tenants and are also firm in our belief that faith will be restored in the residential market, with purchasers regaining confidence.

"We recognised the potential within the current rental market and commissioned a full fit-out of the apartments for this target market and upgraded the reception and communal areas to provide a concierge facility."

Jonathan Morgan, director of Morgans City Living and appointed residential agent on Bridgewater Place with King Sturge and Flats in Leeds, said: "This recent activity presents a record performance within the city centre. Apartments have rented for between £600 and £1,100 per month and we have been inundated with people wanting to live in what has become one of the city's most distinctive and high profile buildings.

"One of the many mis-calculations of the market analysts over the last year, in my view, has been to effectively discount the importance of investors and therefore tenants to the city centre economy.

"The buy-to-let sector has undoubtedly driven the pace of change in the city and tenant occupiers contribute equivalent value as owner occupiers do.

"With a slow down in sales activity through 2008 taking hold, a number of developers have faced a choice: offer significant discounts to tempt buyers back in or take an investors approach, furnish the apartments, rent and wait for the market to recover.

"Thankfully, the owners of the 49 apartments in Bridgewater Place took the latter view and commissioned a furnishing and letting programme which resulted in each of the apartments being rented within two months."

Commercial tenants at Bridgewater Place include law firm Eversheds, accoountants Ernst & Young and hair products brand ghd.

How positive is this news for the Yorkshire residential sector?