Confidence in Leeds city centre’s residential property market is returning, with a number of small-scale developers launching schemes that have been specifically been built to rent, onto the market over the last 12 months.
There has been a lot of talk about the lack of supply being addressed through large scale Private Rented Sector ventures, which typically charge a premium for developments that are amenity rich, but in Leeds the market has always responded well to smaller-scale developments too.
The city’s latest apartment development, which offers a select range of highly specified and individual apartments is 17 Park Row. The development is being marketed by Morgans and is one of several apartment schemes developed exclusively for the city’s rentals market in recent years.
There are just four, one bedroom fully furnished apartments, all finished to an extremely high standard and priced between £875 and £925 per calendar month and there’s also a superb penthouse complete with air-conditioning and Lutron lighting, which has immediately become one of the city centre’s highest specified homes, priced at £2,500 per month including utility bills.
The hugely impressive split level penthouse features Miele kitchen appliances with integrated wine cooler and coffee machine, marble work surfaces, a Sonos sound system, three large TVs and a decked terrace overlooking Park Row.
After a major shortage of new residential development in recent years, work is now underway on a growing number of schemes which is welcome news and these will help to ease demand for high quality rental apartments in Leeds city centre.
The array of schemes in the pipeline is also very positive for the market. These range from CEG’s £350million South Bank development that will include up to 550 apartments, through to a growing number of innovative and small-scale developments such as 17 Park Row that are specifically aimed at the rentals market. This development sits in a very sought after location at the heart of the city’s financial district and each apartment has been furnished and finished to an excellent standard, so they’re ready for tenants to move straight into.