Leeds an INSIDER GUIDE to INVESTING in the CITY
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Cover 30/8/13 14:18 Page 1**erica **Macintosh HD:private:var:tmp:folders.504:TemporaryItems: Location Leeds AN INSIDER GUIDE TO INVESTING IN THE CITY Sponsored by Introduction Mojo rising Having attracted investments totalling £6bn while all others hid from the economic storm, “something special” is happening in Leeds… LEEDS LANDMARKS SPRING 2013 – TRINITY LEEDS OPENS Costing £350m, the 1 million sq ft shopping centre has transformed Leeds’ retail fortunes. SUMMER 2013 – FIRST DIRECT ARENA OPENS The £60m performance venue seats 13,500 people and is expected to attract more than one million visitors a year. AUTUMN 2013 The Rugby League World Cup hits our shores and Leeds is one of the host cities. Leeds has been showered in plaudits city that has a new shopping centre, ABOVE in recent years and recognised as music venue, speculative office TRINITY LAUNCH SUMMER 2014 one of Europe’s leading business space and a major sporting event – Leeds is hosting the Grand Depart destinations. And if you’re looking the Grand Depart of the Tour de of the Tour de France, generating for solid proof of the city’s potential, France,” he says. “That’s something an estimated £100m for the local other business leaders have very special.” economy. already committed £6bn to invest- With investments in ultra-fast ment projects. broadband and data centres, the 2014 – WORK STARTS ON The biggest vote of confidence in airport and a new mass urban transit VICTORIA GATE the city came from Land Securities, system – and money being spent on Hammerson will begin work on its which spent £350m building Trinity skills, innovation and collaboration – retail scheme, featuring John Lewis Leeds, a one million sq ft shopping Leeds is continually working to and a super casino. and leisure centre in the heart of improve its offer. Leeds. Its faith has been repaid as Factor in its location, financial 2015 an array of global brands have and professional expertise and a Two new office developments, flocked to the scheme, as well as number of burgeoning sectors such 60,000 sq ft on Sovereign Street and more than 2.7 million visitors in the as healthcare bioengineering, medical 30,000 sq ft at Wellington Place, will welcome their new tenants. first month. technology and digital, and it’s hard The £60m First Direct Arena has to say no to Leeds. also opened. It kicked off the cele- Town Centre Securities is already 2016 brations in style when a capacity planning to build three more office Work will begin on the £250m New Generation Transport project, which crowd turned out to watch Bruce developments. Property director will create a new Trolleybus network Springsteen play the opening gig. Richard Lewis says: “Leeds is growing connecting Leeds. MEPC is also back building at when so many others are going Wellington Place, a 2.6 million sq ft backwards. Confidence is rapidly 2019 development in the city centre, picking up and we are seeing that The £500m Northern Hub railway having secured a pre-let deal and is in tenant demand – the real test.” plan will be completed, improving fielding seven live enquiries for further While there is much to be done, train travel across the north of space. Chief executive Rick De Blaby De Blaby is confident that Leeds will England. is brimming with confidence about succeed, saying: “We are fighting the city’s prospects, saying “Leeds for occupiers, but our offer is 2032 has got its mojo back”. compelling. Others can try to The first high-speed rail network “There is something going on in compete, but we get up earlier trains will begin rolling into Leeds, this city again. Name me another and we keep our edge.” costing an eye-watering £40bn. Location: Leeds 3 SMALL OFFICES - NOT SERVICED OFFICES IMPROVEMENTS TO SQUARE ON SITE * Big Building Specification from 1,000 - 2,460 sq ft *Per Floor • Comprehensive internal & external refurbishment Fifth Floor: Liberty Mutual • Modern reception with video entrance system Fourth Floor: 2,460 sq ft Third Floor: 2,460 sq ft • Stores & bicycle racks at basement level Second Floor: 2,460 sq ft • Contemporary designed toilets & common parts First Floor: 1,000 sq ft • New 13 person lift Ground Floor: 1,085 sq ft Retail • Comfort Cooling TENANTS INCLUDE: Directorbank, • Prominent City Centre location Liberty Mutual & Costa Coffee • Club quality changing rooms A Development By: Further Enquiries: • BREEAM Very Good www.2bondcourt.co.uk www.wiltondevelopments.co.uk KEY SECTORS The finance factor Leeds has a strong heritage in financial and professional services, with thousands employed by banks, building societies, accountancy and law firms. Now city leaders plan to grow the sector further Financial and professional services are the backbone of the Leeds city region economy, playing a critical role in the job market and boosting take-up of office space. The region is home to three of the UK’s five largest mutuals in Leeds, Skipton and Yorkshire Building Societies. The appeal of these lenders is growing as con- sumers seek trusted brands for financial advice and support after the banking crisis. Leeds is the largest legal centre outside London and accommodates the global headquarters for a number of the top firms. Law firm DLA Piper’s global IT hub is in Leeds, while accountancy firm KPMG houses its UK heads for infrastructure, building and con- struction, private client, restructuring, transaction services and tax. KPMG will move to a 60,000 sq ft office building on Sovereign Street in 2015. According to TheCityUK, the ABOVE It was announced in July 2013 prime office space at a premium in financial and professional services KPMG’S NEW that a group of industry leaders the capital, and salaries consider- SOVEREIGN STREET sector in Leeds contributes £3.8bn OFFICE would come together to define ably higher, Leeds is well positioned of gross value added (GVA) to the Leeds’ qualities and set the city to accommodate certain functions. UK economy. apart globally. The steering group Lurene Joseph, chief executive of Now, strategic inward investment includes Leeds Building Society’s Leeds and Partners, told Insider: organisation Leeds and Partners is chief executive Peter Hill and “We are not looking to take business developing a masterplan for financial BOTTOM LEFT lawyers Paula Dillon and Jonathan away from London, but we are and professional services, as part of LURENE JOSEPH Procter, among others. saying that London is overheated. its ambition to drive economic BOTTOM RIGHT The group has already opened Rather than moving elsewhere, growth in the city. PETER HILL talks about a establishing a pro- those companies should expand gramme for school-leavers, as it here. seeks to ensure that young talent “We want to work in a much remains in the city. more collaborative way with Dillon, a partner at Bond London. We don’t see ourselves as Dickinson, said: “Retaining the competing like-for-like with London talent pool in the city is essential but we feel we have a clear niche for securing our growth, but we through the talent of our people also need to ensure that we provide and the flexibility of our resources access for people wanting to enter to respond to their changing business the sector, who may be prevented models.” from doing so by financial or social Sustainable and well-regulated disadvantages.” growth in the UK financial services Leeds has also identified an sector could generate 15,100 new opportunity to work with London- private sector roles in Yorkshire and based businesses to “near-shore” Humberside, according to a report some of their departments. With by accountancy firm PwC. Location: Leeds 5 KEY SECTORS Gary Shaw, financial services director, said: “Our financial services industry has a critical role to play in growing the economy, both in Yorkshire and across the whole of Leeds set for the UK. “In Yorkshire, the existence of one of the largest financial services sectors outside London, with a strong focus med-tech on insurance and building societies, clearly highlights our ability to attract high-quality players and that investment we are ‘open for business’. We need to maintain this momentum and With an innovative approach to using patient data, showcase these successes more.” He adds: “The links between the Leeds is aiming to become a world leader in the financial services sector and other development of medical technology sectors are also strong. A well-func- tioning industry not only provides credit but creates demand in other sectors, helps to improve the flow of capital and, as our report shows, can also act as a multiplier effect, with the potential to create more than 15,000 private sector jobs across Yorkshire and Humberside alone.” As the professional services industry consolidates, a number of mergers and acquisitions have taken place involving mid-sized accountancy and law firms in Yorkshire. In some cases, companies have moved their entire operations to Leeds to be part of the vibrant business advisory hub. Law firm Dickinson Dees is a case in point, having moved from York to Leeds, before completing a successful merger with Bond Pearce. Education Leeds is emerging as a global ABOVE more than £100bn of healthcare provider The University of Law is PATIENT DATA IS spending a year. The three centre of excellence in medical AT THE HEART OF also upping sticks from York to Leeds technology, as city region leaders THE STRATEGY universities in Leeds are home to in September 2014. look to create a hub that will wide-ranging medical, dental and Robin Smith, former senior partner attract international investors health faculties. of DLA Piper and former chairman and create jobs.