The Leeds property market is going from strength to strength with an array of new developments catching the eye of investors. It seems that everywhere you turn there are opportunities, major regeneration and plans for a significant enhancement of the region’s infrastructure. In some ways it is difficult to know where to start!
Channel 4 headquarters
The fact that Leeds beat competition from Manchester and Birmingham when Channel 4 TV decided to relocate its head office away from London, says everything. It is unclear at this moment in time whether the company will rent an existing property or create what many are describing as a “landmark building”. What we do know for certain is that 300 jobs will be created as a consequence of the move. As we saw with the BBC move to Salford in Manchester, this will also encourage additional investment in the area and a raft of new job opportunities will surely follow.
HMRC relocates to Leeds
In another major coup for the city, HMRC has announced the relocation of 6000 civil servant jobs to offices in Leeds. This is part of the creation of an array of regional hubs across the UK, reducing the number of civil servant jobs in London. This has obviously created a buzz around the Leeds office market and will have a knock-on effect to the local housing market. It will be interesting to see how this development pans out as many expect a significant boost to investment in the region to follow.
HS2 rail network
The proposed HS2 rail network is edging ever closer. The South Bank region of Leeds has been chosen as the location for the HS2 railway station which will link with the existing station. This is a rail network expected to accommodate more than 60 million passengers per annum and create tens of thousands of jobs in the region by 2050. Even though the HS2 rail network has been delayed on numerous occasions, it is part of the long-term plan to create new Northern Powerhouses.
Student accommodation has changed dramatically over the last 20 years and is now an integral part of the private rental market. The fact that Leeds has three prestigious universities in the area has created a thriving student community and demand for homes and services. This community has fed the local financial sector for many years now, ensuring a high number of students studying in Leeds remain in the city on a long-term basis to pursue a professional career.
Prospects for the future
It is fair to say the future looks rosy for Leeds with an influx of new job opportunities, enhancements to the current transport network, growing demand for property and rental yields upwards of 6% readily on offer. When you consider we haven’t even touched on the South Bank regeneration, the largest city centre regeneration in Europe, this says everything. As well as the ongoing and proposed developments in and around Leeds city centre there will be a significant positive knock-on effect to local businesses.