Leeds ‘Undergoing Biggest Development For 100 Years’

Burflex House, Clay Street, Hull, East Yorkshire, HU8 8HA E. info@burflex.co.uk

Burflex House, Clay Street, Hull, East Yorkshire, HU8 8HA E. info@burflex.co.uk

Leeds ‘Undergoing Biggest Development For 100 Years’

Leeds ‘Undergoing Biggest Development For 100 Years’

The landscape of Leeds is all set to change, as an increasing number of investors look at the West Yorkshire city for their next redevelopment project.

Aspen Woolf experts have revealed that Leeds is about to double in size, mainly thanks to its South Bank Leeds development.

Writing for London Love Business, they stated this work “will change the face of a city that’s undergoing the biggest development for more than a century”.

The South Bank Leeds area stretches 253 acres below the River Aire, and once complete, it will provide living, learning, creativity, leisure and investment opportunities for residents of the northern city and beyond.

More than 8,000 new properties are expected to be built as part of the South Bank Leeds Regeneration Framework, creating 35,000 new jobs in the process.

Currently, there are already 3,000 people living in South Bank Leeds, while 250 businesses use the site as their headquarters. However, the redevelopment of the area – which will cover the size of 350 football pitches – will “make an already powerful area even more prosperous”.

In doing so, the city will become more appealing to skilled workers and investors, which will in turn lead to an improvement of transportation and infrastructure.

“The South Bank is earmarked for the new HS2 station, which will merge with Leeds train station. This will mean a facility that welcomes more passengers than Gatwick airport, and it will have an enormous effect on connecting the city to the rest of the country,” Aspen Woolf wrote.

They predicted that 40,000 more jobs would be created in Leeds by 2050, adding a further £54 billion to the local economy as a result of the HS2.

Therefore, it is not surprising that major businesses and organisations are setting up offices in Leeds. Earlier this week, Legal & General revealed it completed an acquisition and forward funding deal for a new government office in Leeds’ Wellington Place.

According to Insider Media Limited, the secretary of state for communities and local government has agreed to pre-let two buildings, comprising 377,730 sq ft across eight floors, for HMRC and the NHS.

The units are thought to cost £211 million, which was funded by Legal & General Retirement.

Director of investment and development at LGIM Real Assets Gordon Aitchison was reported by the publication as saying: “As the second largest financial hub outside of London, with a strong and growing work force, our investment in Leeds will have a meaningful impact on the region, providing quality office space and creating tens of thousands of jobs.”

Other investments Legal & General have pursued in Leeds over the years include redeveloping Headingley Cricket Stadium; constructing the first section of the East Leeds Orbital Road; and Mustard Wharf, a Build-to-Rent initiative in the city centre.

With so many projects in the pipeline for Leeds, including a brand-new 142-metre tall skyscraper forty storeys high, there is likely to be a lot of demand for scaffolding companies in Leeds over the next few years.