Why property entrepreneur Nathan Priestley believes in Bradford

Property entrepreneur Nathan Priestley tells Sharon Dale why he's invested in Bradford and reveals what really drives him.
Conditioning House in  Bradford is the latest mill conversion by the Priestley GroupConditioning House in  Bradford is the latest mill conversion by the Priestley Group
Conditioning House in Bradford is the latest mill conversion by the Priestley Group

Bradford is often cast as the poor relation when compared to its fashionable sister city, Leeds, which is a magnet for money, big business and bright young things.

That Cinderella status has undoubtedly lessened its appeal but it may also be instrumental in re-establishing its position as one of the North’s greatest cities.

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“It gained a poor reputation due to the riots in 1995 and 2001 and it has struggled to recover from that but things have changed and there is definitely a buzz here now,” says property entrepreneur Nathan Priestley, who believes Bradford’s stunning architecture, funded by the wealth that cascaded from its Victorian textile mills, is one of its greatest assets. It has some stunning buildings, its economy is growing and blue chip companies are now showing interest,” he says.

Property entrepreneur Nathan Priestley who has built the Priestley Group into a major player after starting the business in BradfordProperty entrepreneur Nathan Priestley who has built the Priestley Group into a major player after starting the business in Bradford
Property entrepreneur Nathan Priestley who has built the Priestley Group into a major player after starting the business in Bradford

“One of the main reasons for that interest is that property prices here are now much lower than in Leeds. There’s also a great talent pool here and good road and rail links.”

There are other signs that Bradford is rising. Last year, accountancy firm PwC announced that it was the UK’s most improved city.

“There is a long way to go before it catches up with Leeds but a start has been made and it helps that the planning department at Bradford City Council is very good. It is pro development and is very commercially aware,” adds Nathan, 32, who believes that offering low or no business rates for five years would tempt big companies to move in, as would creating a sense of security with more “bobbies on the beat”.

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He believes passionately in the city and knows it better than most. He launched his estate agency there when he was 23 and has gone on to build a portfolio of 40 property-based businesses, ranging from sales and lettings to construction services and the in-house development of residential and commercial buildings.

Conditioning House will retain many of its original features and will include 152 apartments, a cafe, gym and office spaceConditioning House will retain many of its original features and will include 152 apartments, a cafe, gym and office space
Conditioning House will retain many of its original features and will include 152 apartments, a cafe, gym and office space

He is now 32 and has offices in Bradford, Manchester, Leeds and London and employs 100 people. One of his latest projects is converting a Victorian woolen mill in Bradford city centre into a mixed use development.

Priestley Construction is transforming Conditioning House, a beautiful Grade II listed building, into 152 apartments, grade A office space, a gym and a cafe. The work is due for completion by the end of the year.

Just over 100 flats have already been sold off plan last year, with the rest, including penthouses, now released for sale. Prices start at £90,000 for a one-bedroom apartment and £140,000 for a two-bedroom duplex. The average one-bedroom flat in Leeds city centre is £120,000. Investors have made up the bulk of buyers at Conditioning House but a third are owner occupiers.

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“A lot of the buyers are from Bradford but we’ve had a sizable number from Leeds, along with people relocating to Yorkshire from London. The apartments here offer better value for money than those in Leeds and they are close to the train station,” says Nathan.

One of the apartments at Conditioning House in Bradford. The second phase of properties is now on saleOne of the apartments at Conditioning House in Bradford. The second phase of properties is now on sale
One of the apartments at Conditioning House in Bradford. The second phase of properties is now on sale

Mill conversions are a Priestley Group speciality, though the business also tackles commercial to residential property projects, new-build, property consultancy and high-end refurbishments for clients. Their most recent is overhauling a Kensington townhouse.

Nathan’s own home is in Castleford for now but he is from a family of Bradfordians. He came back to the city after quitting university to try a job in an estate agency.

“I did a year at university but it was just too slow for me. I wanted to work and get on,” he says

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By the age of 20, he knew he wanted to pursue a career in property and set up his own eponymous sales and lettings business. He ran it from his mum’s spare bedroom before opening his first office, which was the building block for his property empire. He is now chief executive officer of The Priestley Group.

A natural entrepreneur and a workaholic, some of his drive is powered by a desire to prove his worth and his integrity after a devastating family saga that heaped shame on his father.

Nathan’s dad, Dean Priestley, a lorry driver who had a haulage business, was convicted of attempting to import £15 million worth of cannabis into Britain in 1999 and in 2011, he was jailed again after going on the run with £1million from criminals who had asked him to smuggle the cash to Spain. Before his arrest, he went on a spending spree that bought him a luxury home, a yacht, cars and jewellery. He also opened bank accounts in his sons’ names, depositing some of the stolen cash there while buying a cottage and a car for Nathan, who initially knew nothing of his father’s crime.

This was classed as money laundering and led to Nathan being banned from trading in estate agency, though the ban was soon rescinded on appeal. “I learnt so much from my father on how not to live your life. After what happened with him, I decided I wanted to be principled, honest and always place integrity above all else.

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“With the reputation my father’s actions gave our family, I knew I had to do this completely separately from the way he lived his life. I didn’t want to be my father,” he says. "What happened shook my and my family’s life. I decided to take control of my own future and have since built the Priestley Group. We now employee more than 100 people, have won major industry awards and uphold an unrivalled reputation in the marketplace.”

Nathan has taken a survivor’s approach to life: “I look to the future, not the past. I have growth targets for the business and all my energy goes into that.”

www.priestleygroup.co.uk

*Conditioning House is being converted into 152 apartments plus a cafe, office space and gym. The Victorian mill was constructed to control the moisture content of textiles and certify their true weight and length. It is the only mill of its kind in the country. The stunning conversion makes the most of the original features, including iron framework, link bridges and exposed brick.

The apartments start at £90,000, visit www.priestleyhomes.co.uk

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