Leeds City Councillors have backed a move to demolish the current House of Fraser building on Briggate and to develop new student accommodation on the site instead. It has not yet been confirmed which form the student flats will take, but it is very possible they will be build to rent units. If so, this opens up more investment opportunities in property for Leeds.
New life for an old site
The Briggate site, which was originally occupied by the Grand Central Hotel and then became the location of Leeds’ first ever Woolworths store, will soon be vacated by House of Fraser. The current building was constructed in the 1950s and will be replaced with a 10-storey block for 369 university students.
As well as residential property investment opportunities, there will also be commercial units available on the ground and basement floors.
A remarkable building design
The new building will be sympathetic to the area, with Liberal Democrat councillor Colin Campbell saying that “it works well and will improve Briggate.”
Councillors spoke of being pleased to see the removal of the “ugly” House of Fraser building. Labour member Asghar Khan said: “Many people will not be saddened to miss that building. This new proposal is a remarkable building and it will improve the area as well.
“I welcome this new design. I think it will blend in really nicely.”
Quality student accommodation
As well as the property investment into the building itself, there are also plans to improve wellbeing in the area. These include benches, improved paving and communal spaces on the nearby Central Road.
This potential Leeds property investment opportunity is being developed by Manner, who aim to imagine the future of city living, through inspiring, mixed-use and multi-purpose buildings.
Manner’s managing director Richard James said: “We’re delighted to have received approval at City Plans Panel today.
“And alongside the refreshed retail offer and improvements to the public realm on Central Road, we will ensure an active and vibrant future for this landmark site in the city centre.”
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.
To find out more about investment opportunities in property that are available now, get in touch with North Property Group today.
Explore our property in Leeds
Gross Yield: 7%
Est. Q3 2023
Lease Length: 250 Years
Cities such as Manchester, Leeds, and Liverpool are not only cultural and historical gems but also burgeoning property investment hotspots.
As the vibrant city of Leeds continues to grow and evolve, it has emerged as a prime destination for property investors seeking attractive opportunities.
With its vibrant economy, diverse property market, and attractive returns, Leeds offers a compelling proposition for those seeking long-term growth and profitability.
Leeds has been on an upward economic trend in the past few years, with the supply of properties struggling to meet the demand that the influx of residents in the city is showing.