In a deal worth £11.69 million, the Royal Armouries has successfully purchased the freehold of the land the Leeds museum site operates on. Made possible by a government-backed loan via the Department for Culture, Media and Sport, this is the first time the museum has owned the land outright, which includes the waterfront buildings adjacent to the museum.
As we reported last October, the land was owned by the Canal & River Trust, but they decided to put it on the market.
Situated in Leeds Dock, the museum marks its 30th anniversary next year and has spearheaded development in the area over the last three decades. The purchase of the land marks the start of the next phase of development opportunities.
The Royal Armouries is well known as a cultural landmark and a successful conference and events venue in Leeds. Since 2022, it has hosted the large-scale UK Real Estate, Investment & Infrastructure Forum (UKREiiF), which welcomes well over 16,000 people to the site and is expected to generate close to £30 million for the local economy in 2025.
This land purchase creates further possibilities for the Royal Armouries to leverage the waterfront location to further develop the site and stimulate major economic growth in the city and beyond. Possibilities include new multi-use riverside arts, events and conferences spaces.
Speaking at UKREiiF about how cultural institutions can underpin regeneration, Nat Edwards, Director General and Master of the Armouries said:
“This £11.69 million government loan for the Royal Armouries to purchase the land outright is an investment in the future. It gives the Royal Armouries full control over the museum site for the first time and puts the organisation in a better position to drive future development for the benefit of Leeds. The Royal Armouries’ track record of successfully hosting events like UKREiiF, which generate £30 million for the local economy, shows what cultural venues can achieve with the right ambition and the right partners. With ownership of the land secured with a government-backed loan via the Department for Culture, Media & Sport, the next step is to secure investment to substantially increase the capacity to grow conference, event and hotel capacity at Leeds Dock. Leeds United are marching on, and so are we!”
Museums Minister Sir Chris Bryant said:
“I’m delighted that the Royal Armouries are moving ahead with this ambitious and exciting scheme. It will make much more long-term economic sense and enable one of our great museums which families love to visit to flourish long into the future.”
The Royal Armouries were supported in the purchase process by Legal Advisors Burges Salmon, Real Estate Agents Newmark, and Tax Advisors Grant Thornton. Real Estate Agents Avison Young supported the seller.
This post is based on a press release issued by The Royal Armouries Museum
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