With the Northern Powerhouse region attracting global attention from investors, Leeds outlined bold plans to become a world-class city at this year’s MIPIM international property exhibition.
The Yorkshire city, which vies with Manchester for the title of financial capital of the North, positioned itself the ‘power behind the Powerhouse’ at this year’s show. Meanwhile a report by property advisors GVA released at MIPIM claimed Leeds had a key ‘window of opportunity’ to cement its position as one of the world’s most competitive locations for trade and investment.
The report highlighted the knowledge economy, city centre regeneration and major investment in transport as key drivers for growth. HS2, the new high speed rail link, will cut journey times from London by 50 minutes to 81 minutes. There will also be improvements to York Central Station and strategic new stations at White Rose Office Park, Thorpe Park and Leeds Bradford International Airport.
At £62.5bn, the city region’s economy is the biggest outside London. According to GVA, it is attracting world-class occupiers as well as “further customers for landlords who are hungry for growth and returns”.
Matt Lavin of Benoit Properties said the stance taken by Leeds and other cities such as Sheffield at the show demonstrated the growing confidence and the opportunities available. “Large-scale regeneration projects have transformed many of the UK’s northern cities, making them much more attractive places to live and work,” said Matt.
“At the same time sky-high property prices in London have encouraged people to look outside of the capital and helped northern cities to attract and retain talent, while the Northern Powerhouse concept has engendered a new spirit of confidence across the region.
“While much of the attention has been focused on Manchester so far, other cities are now seeking their share of the limelight. These cities have growing economies and can offer a high quality lifestyle for occupants and attractive returns for investors.”
Certainly the combination of high demand for rental accommodation, large student population, affordable prices has made Leeds one of the most popular locations for property investors – and one of the most lucrative. A report by comparison site TotallyMoney in October last year found that parts of the city offered the highest returns in the UK. The Leeds’ LS6 postcode, which is popular with young professionals, families and students, had yields of almost 11 per cent.
Matt Lavin added: “Leeds is now experiencing its fastest pace of development for decades and provides unparalleled investment opportunities.`’
