The major commercial property development project at 11 and 12 Wellington Place in Leeds has restarted, following the completion of its sister development. Developer MEPC has relaunched construction after it was briefly paused to focus on finishing 4 Wellington Place.
2,500 New Jobs
11 and 12 Wellington Place will be the ninth building completed by Wates Construction at the Leeds city centre site. It is currently due for completion at the end of 2022 and will create an additional 245,000 sq ft of office space in the city.
And with this office space comes new jobs. 11 and 12 Wellington Place will add a further 2,500 jobs to Leeds. This makes a total working population of 12,500 people in Wellington Place.
Therefore, this means that when deciding where to buy an investment property in Leeds, the area around Wellington Place is likely to be in high demand from professionals.
A Place To Work And Play
Wellington Place aims to create a new part of Leeds purpose-built for work and leisure just minutes from Leeds railway station. Featuring state-of-the-art offices, independent restaurants and beautiful greenery, this new thriving district is one of the most exciting projects in Leeds.
Even though it’s not yet fully completed, the Wellington Place project has already had a major impact on Leeds. It has boosted the economic and social value of Leeds thanks to the £30million spent on local subcontractors. A further 300 Leeds residents are employed in the scheme along with 100 apprenticeships.
Wellington Place is also helping Leeds recover from the effects of the coronavirus pandemic. Tom Riordan, CEO of Leeds City Council, explained, saying, “The continued investment in the development of Wellington Place is such a positive step forward for Leeds, as we look to do all we can to support the local community in rebuilding, after what has been a difficult year.”
In addition, the project will help boost Leeds’ status on a national level. Paul Pavia, Head of Development at Wellington Place for MEPC, said, “The construction of this building takes us beyond the halfway mark of the Wellington Place master plan and will offer Leeds far more than just office space. It will play a big part in attracting major players to the city and continue to cement our position in the Northern Powerhouse.”
Investment Opportunities Nearby
So what does this mean for you if you’re thinking about where to buy an investment property in Leeds to benefit from the Wellington Place project? As Wellington Place is located in the city centre near the River Aire, you should look at Leeds investments nearby.
Some good areas to consider are Holbeck and Headingley. They are both a short trip to Wellington Place and are very popular with tenants. Holbeck especially has recently seen a massive rise in demand for rental properties here.
Find Out More
Take advantage of all the benefits the Wellington Place project will bring to Leeds with a buy-to-let investment in the city.
If you’re wondering where to buy an investment property in Leeds, contact the Leeds property experts at North Property Group today. We’ll help you with everything you need to know.