Confidence in the region’s property sector remains in good shape, despite the external distractions facing many.
Speculative development continues to take place and investment is planned to bring sites on stream across the patch. Leeds, in particular, leads the way although Bradford, York and North Yorkshire have also got reason to be confident.
More than 800,000 sq ft of new office build is underway in Leeds centre alone, with 4m sq ft of floorspace granted outline planning consent in the city’s Enterprise Zone. Schemes such as Victoria Gate are on schedule and Thorpe Park business park adjacent to the M1 at Colton is due to see almost one million sq ft of new space utilised in the next few years. A 31,000 sq ft office building will be completed there by November.
In York, schemes such as the long-awaited Central development have been greeted with much enthusiasm. This is complemented by smaller developments such as new housing planned for Walmgate on the former Lord Nelson pub site. A number of bar and restaurant chains are also planning to move into the city, including Joe’s Kitchen (former Café Rouge, Coney Street), The Botanist and Gusto restaurants (both Mulberry Hall) and Cosy Club (Fossgate).
Bradford’s confidence has been on the up since the city’s shopping centre opened eight months ago, and has created more speculative investment enquiries. The former post office delivery site between Broadway and Forster Square Retail Park is an exciting new scheme for the city. British Land recently received planning consent to build a cinema, restaurants, a gym, and improved enhanced public realm. More than 200 new jobs will be created.
Newhall Business Park is a speculative industrial scheme close to the M606 of 38,000 sq ft, expected to create around 100 jobs. The scheme, by Frank Marshall Estates, will comprise eight self-contained units.
More information about commercial and residential property progress in the region is available in our Quarterly Economic Report, available from our website – http://www.wnychamber.co.uk/the-quarterly-economic-survey/.