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Residential Starts in Leeds Hits 9-Year High

February 19, 2016 | Landlord News  

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Construction in Leeds is going from strength to strength, with recently published figures showing that 2015 was good for all sectors, as Leeds consolidates its place as one of the best cities for investment outside of London.

There were 16 new schemes started in 2015, up from 14 the previous year. Office construction was the highest it has been since 2007. Not to be outdone, the residential sector had the highest number of new starts in 9 years.

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There is currently 865,247 sq ft of office space under construction, just shy of doubling last year’s total. The largest of the four schemes started in 2015 is 5 Wellington Place, which is due for completion later this year.

There were six new residential starts (totalling 365 units) in Leeds city centre, after several years of little or no activity. The sudden boost is due to both increased investor confidence, and the change to development rights which allow existing B1 office buildings to be converted into C3 residential use. Five out of the six schemes are taking advantage of this change. Three of the schemes are being developed specifically for the private rented sector.

It is expected that there will be an increase in new-build residential schemes in 2016, including the Tower Works site, the former Yorkshire Post site, Quarry Hill, and the South Bank.

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