Channel 4's commitment to Leeds is catalyst for growth, says Deloitte survey

MOMENTUM is growing behind new high-density residential developments in Leeds city centre, according to a new study.
The Majestic building, home to Channel 4's HQ. Picture: Duncan Lomaz, Ravage ProductionsThe Majestic building, home to Channel 4's HQ. Picture: Duncan Lomaz, Ravage Productions
The Majestic building, home to Channel 4's HQ. Picture: Duncan Lomaz, Ravage Productions

The Leeds Crane Survey by Deloitte Real Estate found that work continued on a host of high-profile schemes to transform the Leeds skyline last year, despite the economic pressures and disruption caused by the pandemic.

The survey found that work started on 12 new schemes in 2020, which was the same as the previous year.

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Highlights of the year included the completion of the Majestic building in Leeds, which will serve as Channel 4’s new headquarters.

The report said: “This has been seen as a highlight of the construction year for Leeds, and provides an opportunity to be a catalyst of growth for the city by attracting and retaining creative talent.”

There were four new residential starts in 2020 which together will deliver 731 units. There were 2,662 units under construction at the end of 2020 compared with 2,832 in 2019.

The report added: “There has also been the highest volume of residential completions since 2008.

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“This shows momentum is gathering for new high-density residential developments in the city.”

Nolan Tucker, director at Deloitte Real Estate in Leeds, said: “Last year we predicted a shift in focus towards creating communities for city centre living.

“Several of the developments under way feature improved public realm, new green space and ground floor commercial use to create activity and vibrancy.

“In future, more city centre developments may include different types of amenities like communal workspaces and indoor space to accommodate more people working from home.

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“Residential developments are clustering in fringe locations and new neighbourhoods may emerge, potentially stimulating further demand for city centre living.”

Mr Tucker said the longer term impact on office space of Covid-19 and the increased ability for people to work from home is not yet known.

He added: “However, last year, the Leeds Crane Survey predicted that employers and tenants will move away from the traditional office models of floor space with banks of desks to a more flexible use of space.

“This transition has been accelerated and the new start office space under construction is being marketed as amenity rich, with wellbeing and community high on priorities.”

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Work started on four new schemes in the office sector in 2020, which is one more than the previous survey, according to the Leeds Crane Survey by Deloitte Real Estate.

Two of the schemes are new builds and two refurbishments.

The report added: “All the new-start office developments are being delivered on a speculative basis with no pre-lets agreed which indicates confidence in the market.”

There were no new retail starts although some small scale commercial space was delivered on the ground floor of larger residential and commercial buildings.