New developments coming to Leeds in 2023

January 13, 2023

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Article Summary

Leeds
  • Outside of London, Leeds is the fastest growing UK city, boasting an economy worth £60 billion.

  • There is a reason they are spending billions of pounds building in Leeds. They understand the lack of supply in relation to the demand, and they obviously see it as a sustainable long term investment.

  • £959 million has just been released to progress the next phase of the Transpennine Route.

2023 is a very exciting year for the City of Leeds, as numerous properties, developments, and amenities will be opening up and around the Northern city. Several residential developments, office spaces and leisure areas are under construction as part of new build and regenerative projects, aiming to contribute even more to Leeds’ ever-growing economy. 

Outside of London, Leeds is the fastest growing UK city, boasting an economy worth £60 billion. Leeds’ economy figure actually makes it the biggest financial centre outside of London. In terms of figures, Leeds attracts over 300,000 International visitors per year and is host to 53,000 full time students, with one of the highest retention rates for students in the UK. The city has had £3.7 billion worth of commercial property investment in the past decade.

SOYO Leeds

SOYO is a mixed-use development located in the heart of Leeds’ cultural district, with the intention of becoming, alongside surrounding areas, one of the best places to visit, work and live in the city of Leeds. SOYO also features some of the biggest public green areas inside the city centre, and Phase 2 is currently under construction after the success and popularity of the first phase. 

Phase 2 will bring a further 331 rental apartments to the City of Leeds. In terms of surrounding population, approximately 21,915 Employees, students and visitors are in the immediate vicinity as 33.4 million pounds worth of investment in Leeds city college development, which is adjacent to SOYO. It’s worth noting the residential developments within SOYO are all PRS, which means private investors can’t buy them. In fact, much of the developments going up in Leeds are being built by the private rental sector, meaning pension funds. There is a reason they are spending billions of pounds building in Leeds. They understand the lack of supply in relation to the demand, and they obviously see it as a sustainable long term investment. It would be wise to follow the money.

£9 billion transport upgrade

Though this isn’t the infamous HS2 line that’s currently in the works, the Transpennine Route Upgrade will have a huge impact on the way people travel in the North of England. The route stretches from York to Manchester, stopping in Leeds and Huddersfield along the way, covering 76 miles and serving 23 stations. 

The government recently trebled their spending on this project, increasing from £2.9 billion to £9 billion to build new tracks and fit the full route with the latest technology, including complete electrification and full digital signalling. £959 million has just been released to progress the next phase.

The increased attention brought to transport in the North of England highlights the growing demand for it as more people than ever before live in the region, and people living out of the city need a way to commute to and from work. This investment is sure to shorten travelling times and help out residents of the city of Leeds, as well as residents from other cities and towns in the region.

City Square 

As a major gateway into the city centre, City Square is a huge part of Leeds. Thousands of people pass through it every day, whether by foot, car or bike. That will soon change though as plans are underway to pedestrianise the square. Work has begun to create a new flow of traffic that bypasses the whole of City Square – only buses, taxis and other authorised vehicles will be allowed to pass through. 

This will help to reduce traffic and shave time off people’s commutes. Meanwhile, extended walkways and cycle lanes will welcome you into a new public space that’s big and bold enough to give visitors the welcome they deserve. City Square will then be able to double as an event space too following this redevelopment.

Phoenix Apartments

With the completion date nearing, Phoenix is set to redefine the Leeds skyline as a highly anticipated development, which is a unique project in the heart of the city.

The impressive complex will be one of the tallest residential buildings in Leeds – promising stunning views across the northern powerhouse. With Block B standing at 17 stories tall, Phoenix will become an integral part of the cityscape. With a combination of extraordinary architecture, modern high-spec interiors and a prime location, the complex is set to be one of the most sought-after developments in the city.

The development includes 1-, 2- and 3-bedroom luxurious high specification apartments, as one of the most desirable properties in Leeds. Also featuring a 24-hour concierge, a state-of-the-art gym, co-working space and a communal terrace – Phoenix is destined to be a hugely popular place to live in the heart of Leeds City Centre. 

Phoenix’s prime location in the Cultural Quarter will give you access to the whole city on their doorstep. Whether you are seeking trendy bars, smart restaurants or Leeds’s famous shopping district – everything you could want is a short walk away from this central spot.

Conclusion

These are just a few of the projects ongoing in the city of Leeds, as they range from residential to commercial use. A number of regeneration projects are also happening in the area as the city begins to further modernise itself to keep up with its growing population and economy, as several Leeds property investment opportunities present themselves.

As the city grows in popularity, the opportunity for property investment increases. Developers are becoming more aware of the real estate potential Leeds shows, and investors should also see the potential that units in this city have. Apartments in developments such as Phoenix have a high tenant demand and high rental yields, presenting the perfect investment opportunity for anyone looking for properties in the North of England.

 

Contact us

To find out which property investment opportunities are available on the Leeds market now, or to learn more about how property investment works, get in touch with the experts at North Property Group today.

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Explore our property in Leeds

Phoenix

From £362,450

   Gross Yield: 7%
   In Construction
   Est. Q3 2023
   Lease Length: 250 Years

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