Leeds city centre’s booming retail offering is a major reason why so many people are flocking to live in the city according to new research carried out by Morgans.
We surveyed more than 100 of the city’s newest residents, who have rented apartments with us since the start of the year, and asked how big an attraction great shops were when they were deciding on where to live.
A total of 61% said Leeds city centre’s shops were an important factor when they rented a city apartment and 38% said they were prepared to pay a premium to live within a two minute walk of the city’s main retail areas. In addition, 3% admitted that it would be unbearable not to have the city’s shops on their doorstep.
This research comes on the back of a string of accolades for Leeds’ retail sector in recent years, including the city being named as the best shopping destination in the UK by the Rough Guide to Britain. The opening of Trinity in 2013 helped the city climb to third place in a league table of top retail destinations and later this year, Leeds will also become home to the largest John Lewis store outside London, when Victoria Gate opens in autumn. This will put Leeds in second place in the national retail rankings, behind London.
Leeds has hundreds of fantastic shops within easy walking distance of each other, ranging from the Victoria Quarter’s luxury brands through to Europe’s largest indoor market and everything in between. The opening of Trinity Leeds really helped to put Leeds on the map in terms of its retail offering and when Victoria Gate opens it will elevate the city to another level again.
Residential development in Leeds is trailing behind the pace set by the retail sector. We manage Leeds city centre’s largest rentals portfolio and our occupancy levels currently stand at over 99.5% as tenant demand continually outstrips supply, so there is a real shortage of residential stock available at the moment.
However, work is starting this year on a number of new apartment developments, which will mostly be ready to move into during 2017, by which time Victoria Gate will be helping to draw even more potential residents into the city centre.