Property boss questions Government's '˜bandwith' to deal with Northern Powerhouse

Speaking to The Yorkshire Post, Chris Oglesby, chief executive of property developer Bruntwood, said ministers see the importance of the concept but Brexit is taking up most of their time and energy.

“The question is, in this world where they are so fixated on Brexit, how much bandwidth have they really got for it?” he asked.

“Whilst it was encouraging in the Budget to hear once again the commitment to Northern Powerhouse rail, there was no timescale and no financial sum put on that.

“These are things that have been in the offing for so long now we should be starting to see something more concrete.”

Speaking during the launch of Bruntwood’s new flagship office building, Platform, in Leeds, Mr Oglesby said that Yorkshire needs to make its devolution deal a priority but added that the door wasn’t closed to government support in the meantime.

Last week, Chancellor Philip Hammond was accused of “behaving like Santa Claus with special prizes for well-behaved cities” after rewarding areas with metro mayors in the Budget.

“This Conservative government has made it clear that it needs to see strong regional governance and that’s going to be the driver of government policy,” Mr Oglesby said.

“It’s a priority for Yorkshire to sort out its devolution proposition but whilst it’s really important I don’t think that the door is closed in terms of government support.

“It’s about recognising that as ministers are distracted by Brexit, it’s down to us in the North to come up with the propositions.

“There are real strengths in Yorkshire that will continue to be supported by government.

“It’s just so much easier when there is a clear government structure.

“However, Yorkshire is divided in terms of its devolved powers, it just needs to be decided now.

“It’s really starting to stand out now as the place that hasn’t yet got a deal.” Mr Oglesby said he was nervous about the impact of Brexit as the rhetoric ramps up and key decisions start being made.

Last week’s announcement that the European Commission has cancelled the UK’s turn to host the European Capital of Culture in 2023 was a particular blow and some organisations are announcing moves out of the UK.

However, Mr Oglesby added that despite the political turmoil, northern cities like Leeds were continuing to prosper.

“What we’re seeing in the northern cities still is a very exciting progression of their economies,” he said.

“We are hugely positive at the moment which is slightly counter-intuitive given what is going on in the world at the same time.”

Mr Oglesby said strong demand within the technology sector and businesses that are supporting the technology sector were driving the success.

“We’ve seen a real pick-up in demand for office space over the last 12-18 months, which has coincided with us bringing this building forward,” he said of Plat- form.

“Although there are many challenges in the wider economy, these sectors in the centre of Leeds are buoyant.”

There is still a huge demand for property investment, according to Mr Oglesby.

“It’s still seen as a very attractive investment proposition, particularly because of the income that’s generated from property and in this very low interest rate environment property is still seen as a very strong investment.

“There is more interest in the northern cities than we’ve ever seen before.”