It’s all positive for property investors in the heart of the Northern Powerhouse
Leeds has a mind-blowing growth potential for economic growth. In the heart of the Northern Powerhouse, the Leeds city centre region is primed for an explosive future fuelled by a thriving economy that is set to create thousands of new jobs. The investment being made into infrastructure in the region could be the key that unlocks this potential. Billions of pounds are being poured into the transformation of Leeds. We believe that property investors should follow the money.
Transformative transport will propel Leeds to new heights
Leeds is already a well-connected city, with more than 7 million people within an hour of the city centre by road. Its railway station at New Station Street is one of the busiest railway stations in the UK. More than 60 European cities are a flight away from Leeds Bradford Airport. This connectivity is about to get even better.
Currently, Leeds offers rail commuters direct services to Birmingham, Bristol, Exeter, Manchester, Liverpool and London. HS2 will slash journey times to London, from two hours 11 minutes to 1 hour 21 minutes. The first phase of HS2 is due to open in 2026. Commuters and businesses will find Leeds even more attractive than it is today. It will be easier for people and goods to travel in and out of Leeds, and local authorities and businesses are already gearing up for exciting new dawn for Leeds as an economic centre:
- The Strategic Economic Plan focuses on transforming the Leeds City Region
- The aim is to create more than 35,000 new jobs
Regeneration is widespread and largescale
Billions are being invested in the regeneration of Leeds, across the city. Plans in the pipeline and already currently underway include:
The Grand Quarter – transforming the old to develop a modern city
The Grand Quarter is packed with heritage and historic buildings but has been in decline as under-investment led to neglect. Leeds Council is now planning to create a conservation area in the Grand Quarter, protecting local assets, redesigning road layouts, and helping to conserve the qualities of the local area and integrate with future development.
Fewer than two in 10 of the old buildings here are in good condition. The regeneration scheme will help to provide funds to owners to enable them to update and renew, helping to transform this historic heart to a place fit for modern living, but with its character preserved and enhanced.
Mixed-use at Quarry Hill
Hundreds of millions are being invested into the Quarry Hill site, where more than two hectares will sustain a mixed-use development to include two 16-storey residential blocks, bars, restaurants, a new hotel, and open spaces.
At the heart of this project sits City College, West Yorkshire Playhouse, and Leeds College of Music. The West Yorkshire Playhouse has been transformed by a £14 million refurbishment and renamed the Leeds Playhouse. The College of Music is spending £57 million on transforming its campus.
Rebrewing Tetley on the South Bank
The old Tetley brewery site on the South Bank is being redeveloped to provide office, retail and leisure space, and new homes. Two hotels are included in the scheme, which, when completed, will deliver 850 new homes. But this is only the tip of the iceberg on the South Bank, where tens of thousands of jobs will be created along with as many as 4,000 new homes, and a new park.
Enterprise placed front and centre
In 2012, an area at the heart of the Leeds City Region was designated as an Enterprise Zone (EZ). Covering a total of 142 hectares across four sites (Newmarket Lane, Thornes Farm, Logic Leeds, and Gateway 45 (Temple Green). The EZ is located along the East Leeds Link Road linking the city centre to the M1 motorway.
Planning is in place to provide a range of employment uses, including manufacturing, distribution and offices. Hundreds of construction jobs are already supported by the developments. It is envisaged that the EZ will kickstart the regeneration of the wider Aire Valley, which is expected to deliver more than 9,000 jobs by 2025.
Regeneration Leeds – the pure potential for property investors
Leeds is a lifestyle city, ideally located for businesses and its residents. Regeneration spending of billions is planned here, adding to the more than £3 billion already invested in the last 10 years.
The transformation will encourage businesses into the city, and the new jobs created combined with the great lifestyle offering and cheaper cost of living than other cities will encourage more people to move here. The population in Leeds is projected to grow by 123,000 by 2036 (Government Office for Science).
The position of Leeds in the heart of the Northern Powerhouse, the upcoming HS2 services, massive regeneration initiatives, a flourishing local economy, and investment into providing the infrastructure to support business and new jobs, are just a handful of the reasons why we believe Leeds should be on every property investor’s radar.
To find out more and receive an in-depth appraisal of the best property investment opportunities in Leeds, get in touch with Gladfish today.
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