Leeds offers blueprint for how cities can grow sustainably, says Landsec CEO Mark Allan
Leeds has always been a city of industry and innovation. It has navigated major technological, political and social changes, emerging as a powerful economic and cultural hub.
As long-term investors in Leeds, at Landsec we understand this city’s potential more than most. At Trinity Leeds and White Rose, we’ve seen what can be achieved with local leaders who work in partnership with business.
When cities like Leeds grow, they invigorate the communities in and around them, acting as a catalyst for investment into the city itself, and its neighbours, driving growth and opportunity.
Yet, cities across the UK are being held back.
Whether it’s a lack of investment in infrastructure, confusion over what levelling up really means, or an under-resourced, complicated planning system, it’s no wonder cities have felt left behind.
The economic costs of this are alarming. Outside of London, UK cities have slipped behind their European peers. From Barcelona to Munich, cities with similar populations and local industry have 50 per cent stronger economies than our own.
This stagnation comes with a social cost, too. Inequality is growing, damaging our social fabric.
Thankfully, we’re seeing signs of change. Cities are rising up the political agenda, with the Government publishing a ‘vision for Leeds’ and the Labour Party promising growth plans for UK regions.
But we need to go further, and faster, if we’re to truly drive good, sustained growth and improve social mobility.
This can only be done through partnership between the public and private sectors, generating growth through regeneration and future-proofing our cities through sustainability.
Nowhere has that been more evident than in Leeds, where, under the stewardship of council chief executive Tom Riordan, we’ve seen Landsec’s White Rose shopping centre act as a driver for government investment in a new train station to the south of Leeds.
Tom steps down this year after more than 14 years’ service. He’ll be sorely missed, but his leadership should provide inspiration for other ambitious cities.
However, ambition can only get us so far. The current planning system is a significant barrier to growth. It holds back our country, both in terms of our national economic performance, but also local aspirations – from those who want to start a business, to young families looking to buy their first home.
Research by Development Economics found that over a million new jobs and over 1.3 million new homes could be delivered by 2035 across the UK by focusing on regenerating our brownfield urban areas.
We’ve worked with industry peers to suggest a number of straightforward changes to the planning system to make this happen.
But to really drive change, we also need to properly fund local authorities and empower them through devolution to make decisions that are right for their communities.
Underpinning all of this is the simple fact that getting regeneration right means creating urban environments that are sustainable, equitable and desirable.
Whilst some might see balancing economic factors with environmental and social considerations as a barrier to growth, in reality, it’s the key to future proofing our cities.
Our research shows that letting nature into our cities through sustainable development not only helps mitigate the effects of climate change, but makes our places more attractive for residents and businesses.
And through our £20m Landsec Futures fund, we’re focused on improving social mobility in our industry so that the people who care most about a place have the tools they need to shape it.
We’re supporting students from under-represented backgrounds on real estate courses at Leeds Beckett University with bursaries, who one day may be responsible for shaping the Leeds of the future.
We’re proud to be a cities business. However, we can’t unleash their potential alone. Businesses, local leaders and national government all have a role to play.
Cities like Leeds can be the blueprint for others to follow, and we’re working hard to make it happen.
Mark Allan is CEO of Landsec