Yorkshire development schemes will benefit region '˜for decades'

Leeds, Sheffield and Hull, the UK’s City of Culture 2017, are experiencing high levels of investment, which will benefit the region for decades to come, according to Michael Porter, senior director of valuation advisory at CBRE in Leeds said.

Strong demand for office space is the catalyst for development in Leeds, with MEPC’s Wellington Place leading the way.

The scheme’s latest speculative offering, a 116,250 sq ft building, is due for completion in December 2017. MEPC made history this month after securing the biggest ever office pre-let in Leeds on record from the new Yorkshire Government hub.

The 378,000 sq ft project, due to complete in 2020, will see 6,000 civil servants move into the building.

James Dipple, chief executive of MEPC, said: “The Government’s decision to locate at Wellington Place, in the heart of Leeds, is great news for the city as it maintains its evolution as a key northern location for business.”

Other office developments include the former Yorkshire Post site, which will be turned into a residential and office scheme and Bruntwood’s transformation of a 115,000 sq ft building at Leeds Train Station, into the Platform office scheme.

Meanwhile, Rushbond has submitted plans to redevelop the fire damaged former Majestic nightclub into an office building.

New out of town developments include the Kirkstall Forge scheme and Thorpe Park, which includes offices and leisure.

Meanwhile, Sheffield is believed to be experiencing the highest level of inward investment interest in a generation, according to the city council.

The burgeoning confidence in the city is reflected in Meadowhall’s plan to invest £300m in its biggest development since it opened. The new Ikea store is also set to open at the end of September.

The long-awaited transformation in the city centre is taking place with the revamped Moor shopping centre and the construction of Sheffield Retail Quarter, including HSBC’s new 140,000 sq ft office.

The second phase of Sheffield Digital Campus recently opened and the council has also approved plans to turn Sheffield’s former Primark shop into a budget hotel.

Over in Hull, the transformation of The Fruit Market is providing a backdrop for the City of Culture events. An ambitious vision to redevelop Albion Square into an ice-rink, shops and housing has been unveiled and Kingston House is also set to be redeveloped into a £6m living and workspace complex.

Mr Porter said: “We are seeing a very encouraging level of developer confidence which continues to evolve. Activity in Sheffield and Hull shows these cities are clearly not standing in the shadows.”

He added: “All three cities are experiencing multi-million pound development schemes which will benefit the region for decades to come.”