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The demand for student accommodation in Leeds has helped the construction sector remain buoyant over the last year, a new survey has concluded. Insider Media reports that Deloitte’s Regional Crane Survey found that there were 22 new starts in 2022, the highest number since records began 16 years ago.
Leeds is a popular student city, with seven higher education institutions and a student population of over 70,000, which is one of the largest in the UK. Two further facilities are due to be established in the city centre, following a change of use applications from Leeds Trinity University.
There are currently 11 student accommodation schemes under construction in the city. In addition, the report noted five residential new starts during 2022, two new starts for hotel space, and a further two for office space.
Nolan Tucker, director in real assets advisory at Deloitte in Leeds, said:
“The increase in construction activity in the student accommodation sector follows investment in previous years from higher education institutions to attract talent, a movement from old student accommodation stock, and an increase in demand for central Leeds accommodation that is high quality, well-managed, and rich in amenities.”
Anil Gupta, office senior partner at Deloitte in Leeds, added: “The Crane Survey shows there is a lot happening in Leeds and the city is shaking off the after-effects of the pandemic.
“Construction levels continue to be buoyant, Leeds is growing its graduate retention levels, and the city council is working with developers to provide green and sustainable places for people to live.”
“Plus, there is the Leeds 2023 year of culture, the popular arts and culture scene, the Bank of England’s new northern hub and the possible move of the British Library into the city centre. This is all great news for a city that is showing true Yorkshire grit.”
Meanwhile, a new funding deal has been secured for a £108m build-to-rent (BTR) development on the Doncaster Monkbridge Iron and Steelworks site in Leeds. The new project will create nearly 500 new homes from developers HUB and investors Bridges Fund Management.
A forward funding deal has been agreed with the parent company of residential rental brand UNCLE.
Damien Sharkey, managing director at HUB, said: “We are thrilled to have secured forward funding for our second development in Leeds, continuing our longstanding partnership with Realstar. This deal is testament to the quality of the scheme, and to HUB’s strong track record.”
He added: “Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this exciting area of Leeds, providing attainable homes for local people, as well as a fantastic new public realm.”
The demand for high quality BTR properties has soared over the last five years, and more people are choosing to rent over buy because of the greater flexibility it affords them, or as a deliberate lifestyle choice. Many renters prefer purpose built homes because they have a greater sense of community.
If you are looking for scaffolders in Leeds, please get in touch with us today.
