As more people move to Leeds and away from the high prices of London and the South East, the city is undergoing various major redevelopment projects. These are set to regenerate many of the city’s districts and will also present property investors with an abundance of investment opportunities.
Transforming “the Heart of Leeds”
Leeds City Council have submitted an application to the Heritage Lottery Fund’s Townscape Heritage Programme to redevelop the area around New Briggate and the Grand Theatre. A historically important location, it was once considered “the heart of Leeds” and can be traced back to the 1600s.
This area contains several historically significant buildings, including the Grade I listed St John’s church and Grade II listed Grand Arcade. Unfortunately in more recent times commercial buildings in the vicinity were underinvested in favour of allowing vehicle access. This led to only 17% of buildings in the area being in good condition, but by matching HLF funding with investment by local property owners this historic quarter of Leeds is set to see vast improvements.
There are also plans underway to establish a new cultural district in Leeds dubbed ‘SoYo’. This £300 million project by Caddick Developments will regenerate a 2.4 hectare Quarry Hill site that sits between the City College, Leeds College of Music and the West Yorkshire Playhouse – the two latter buildings also going through a respective £57 million transformation and £14 million renovation – into a cultural centre.
Development plans include two 16-story apartment blocks for private renters, office space and leisure facilities including hotels, bars, restaurants and improved public spaces.
The South Bank
The old Tetley Brewery site in the South Bank district is being redeveloped into an area full of opportunities to live, work and relax in a project by Vastint alongside Leeds City Council. The South Bank will soon be home to 850 residential properties, 85,000 square metres of offices and 15,000 square metres of shops, restaurants and leisure facilities.
Student and Private Accommodation
Further privately rented apartments are being built in other parts of the city. Due to complete in summer 2019, Dandara and Interserve are leading a £70 million project of 744 apartments in south Leeds. With landscaped grounds and a car park, these studio to three-bed apartments will offer the high-quality accommodation people are desiring more and more.
Three schools around the city are also being built by Interserve at a cost of £41 million.
Increasing numbers of students in Leeds require increased housing. London and Scottish Investments (LSSI) have plans to build a 17-story block, purpose built for students, on the site of an 80’s tower block on Belgrave Street. The new apartment building will include a gym, cinema and outdoor space for 325 students.
A nearby project on St Albans Place will create 379 student apartments. Led by Vita Student, this is set for completion in 2019.