RESIDENTIAL, office and leisure developer City Lofts plans to float on the Alternative Investment Market (Aim) before the end of the year.

The Harrogate developer of apartments, offices, shops and restaurants, carries out most of its work on brownfield sites close to town or city centres.

The changing nature of city centres, away from traditional industries to service-based businesses, has driven demand for city centre living, especially in regional centres such as Newcastle, Leeds, Manchester and Liverpool.

City Lofts develops between two and three sites a year, but following its Aim floatation, hopes to increase this to four to five sites a year.

Future developments will typically comprise a minimum of 100 apartments together with retail and leisure space, taking approximately two-and-a-half years to complete, including an 18-month build programme.

Stuart Wright, chief executive of City Lofts Group, said: "In a market where demographics and planning regulations favour our business model, we are well positioned to expand the profitable growth of the business.

"As a specialist in city centre living, with a strong development pipeline, we believe the admission to trading on Aim will give City Lofts a more solid and visible platform."

As a result of its intention to float, City Lofts has appointed Nigel Denby, 49, as non-executive chairman. He was previously finance director of Bradford Property Trust, the largest quoted owner of residential property in the UK, and is currently finance director of Hamlet Residential Limited, which invests in residential properties in the UK private rented sector and chairman of Halos Limited, a special purpose housing association fund.

Mr Wright said: "Our aim is to become the leading developer of city centre mixed-use schemes, outside London, with high brand recognition in the real estate and retail sectors, and Nigel will play a key role in our forward strategy."