An award winning development, the Riverside Apartments enjoy an excellent location adjacent to the River Aire and offers easy access to Leeds city centre. The development forms part of Leeds Southbank Regeneration Scheme. One-bedroom apartments are available from just £142,500 with yields of up to 7%.
On completion the scheme will extend to 330 superbly specified apartments comprising a mix of one, two, and three-bedroom units. The plans also include rooftop penthouses and a convenience store.
The apartments in previous blocks of the Riverside Apartments scheme have been a huge success on the rental market with tenants wanting to live in high specification accommodation close to the river as well as Leeds City Centre, and with this in mind you can rest assured there will always be rental demand for tenants wanting to rent, particularly as it is new-build.
Furthermore, the Riverside Apartments are ideally located with a close proximity to some of Leeds major employers, ensuring tenant demand. The summer months are also, by far, the most buoyant due to the 40,000 graduates every year that are looking for accommodation just like this, which will work great with the completion time line to ensure every unit is let.
Service charge est. at £1.5o per sqft
Ground rent at £295 per annum
We expect Riverside Apartments to generate gross yields of up to 7% and net yields of up to 5%.
JLL tip Leeds for the highest price growth in the UK. JLL believe that house prices in Leeds will grow by 19.9% by 2022. Additionally, the Leeds economy is estimated to be worth £21.3 billion per annum and accounts for nearly a third of the Leeds City Region's total economic output.
Furthermore, with lots of students in the city, many of whom stay on after graduation, as well as young professionals making the most of the city’s diverse economy, Leeds has a healthy rental market. The vacancy rate has nearly halved in the past decade, reaching a low level of 2.5% in 2017. Forecasts look promising with JLL predicting that Leeds will have the largest increase in rents compared to Manchester and Liverpool, at 18.8% between 2018 and 2022.
Leeds is a major UK business centre and one of the best places in Europe to locate a business. The city has one of the most diverse economies of all the UK’s main employment centres. Furthermore, the city sits at the heart of a wider city region which has an economy worth over £64 billion per annum and a workforce of 1.4 million.
Within the next 10 years, the Leeds economy is expected to grow an extra 21%, with financial and business services set to generate over half of GVA growth in that period.
It is currently one of the largest hubs outside London for financial and business services, digital, creative publishing and broadcasting. Leeds is also seeing a rise in the technology, media and telecom industry – more than any other Northern Powerhouse city. The city also has the fastest growing legal sector in the UK, with 20% increase in legal jobs in 2010-2016 versus just 5% in London.
Leeds is globally well-known for its education institutions, which includes four universities attended by more than 65,000 students per year. Named the UK’s best student city in 2016 by The Independent; many of the universities are well established in their various fields. Leeds Beckett University, ranked 1st internationally, for technology, 2nd in the world for virtual learning and 3rd worldwide for laboratories. Also, Leeds Arts University can boast Henry Moore, Barbara Hepworth and Damien Hirst amongst its notable alumni.
Leeds has been named the 3rd best shopping destination in the UK, and boasts 3.5 million square feet of retail space, five miles of shopping streets and one of the country’s largest pedestrianised shopping areas. This helps to attract visitors, along with how connected the city is. Leeds Bradford international airport is located just eight miles from Leeds City Centre. Furthermore, the national rail connects the city to Manchester, York, Liverpool and London King’s Cross. As a result, Leeds draws more annual visitors than more traditional holiday destinations in the UK.
Leeds continues to undergo major transformations. There are many huge regeneration projects currently underway in Leeds, bringing new investment opportunities to the city.
The South Bank project will transform Leeds, doubling the size of the city centre as well as its economic impact. The development is located within the largest regeneration project Leeds has ever seen. It will turn the South Bank area into a global destination for investment, sustainable living, learning, culture, creativity and leisure. Once complete, the South Bank will bring 35,000 new jobs, 8,000 homes and a new international commercial district to Leeds. Leeds South Bank is one of Europe’s most exciting sustainable growth locations and will transform Leeds city centre.
Another significant project is SOYO. Once complete, this £300 million development will be the heart of the Leeds cultural scene. This extended cultural quarter beings with it almost 150,000 sq ft of office, retail, and leisure space, as well as 700 residential units. Thanks to SOYO’s numerous trendy bars, restaurants and outdoor spaces, the area is likely to become one of the most desirable in Leeds.
Leeds is currently experiencing population growth at a rate seven times faster than London. This means that in 10 years the city is expected to have 39,000 more residents than it does today.
With a growing population comes growing demand for housing. Leeds housing supply significantly lags behind this demand: Leeds Council has stated that at least 4,375 new residences are needed per year, but only 2,232 are currently under construction.
This creates great opportunities for property investors. Leeds consistently ranks as one of the best forecasts for property price and rental growth in the UK. Over the previous decade, capital growth in Leeds was 35.6%. It is forecast to be 17.1% between 2019 and 2023; the highest of any regional city in the UK.
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