MIPIM UK: Northern Powerhouse promotes business case

The real estate business case for the vaunted investment area known as the Northern Powerhouse was a key theme at the MIPIM UK trade fair this week.

The northern city region of Leeds - one of the components of the Northern Powerhouse - is in fact the largest UK economy outside London, delegates told the event, which was held in London from 21 to 23 October.

Representatives from other 'powerhouse cities' of Bradford, Wakefield and York were also out in force to get the joint message across to investors and other MIPIM UK attendees about the opportunities in the Northern Powerhouse.

Leeds has a population of three million people and its £60 bn (€83 bn) economy is greater than than nine smaller EU countries combined, according to the Leeds City Region Enterprise Partnership).

Chair of Leeds City Region Enterprise Partnership, Roger Marsh, reported that he’d had meetings with significant investors from across the world, including Chinese investors, during the first day of the trade fair.

‘We have the largest financial and professional services sector outside London, and the largest manufacturing area by employees,’ he said. ‘Two thirds of the world’s diesel engines are made there and we are home to the largest food manufacturing and processing sector in the UK.’

More importantly for investors, he reported that the region has ‘10 oven ready sites for development across the region’.

Inter Ikea
This month Vastint, part of the Inter Ikea Group, announced the acquisition of the former Carling Tetley brewery site in Leeds. The 8.5 hectare plot on the South Bank Central side is close to the city’s retail and financial quarters. Leeds’ waterfront is close by.

’We are excited about securing this opportunity in Leeds, which is a key milestone in the growth of Vastint’s operations in the UK,’ said Andrew Cobden, managing director, Vastint UK Services. ‘It is really special to have the chance to contribute to the regeneration of the South Bank area, having the potential to bring considerable benefits to the city.’

The Leeds Brewery site is the second large scale mixed-use development in the UK undertaken by Vastint. The first was Strand East, a 10 Hectare development in Stratford, London.

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Roger Marsh, Chair of Leeds City Region Enterprise Partnership