What’s In Store For Leeds City Centre’s Residential Market In 2018?

Crystal ball

The next 12 months look hugely exciting for Leeds city centre’s residential property market, with work due to start on more new apartment schemes during 2018 than we have seen for years.

Morgans manages the city centre’s largest apartment portfolio, but the supply of new apartments has been decimated over the last ten years.  However demand has never faltered and occupation levels have been almost full throughout – our significant rentals portfolio is currently over 99.5% occupied. With supply running at around 10% of what it was in the previous decade, it doesn’t take much analysis to work out that we are in dramatic under-supply and over-demand.

Whilst this has not been a strong enough dynamic in its own right to trigger an upturn, we are on the verge of a period of significant activity.  This is fuelled partly by the notion that Leeds is currently under-valued and is therefore well set for investment growth, the advent of fund backed PRS schemes and, perhaps most significantly, a growing sense that Manchester is may be close to done in this cycle, and that Leeds is the place for investors and funds to be.

With willing renters and buyers and an economy which, according to Cambridge Economics, is showing all the signs of a strong future, the only element missing is fresh supply. We firmly believe, through the activity we are picking up, that 2018 will see more residential starts in the city centre than we have seen for a decade, and we anticipate several fund-backed PRS schemes to fire up, along with a number of high quality prime schemes and a handful of slightly marginal schemes in the fringes.

With fresh residential supply in the city centre, plenty of quality jobs available and a booming leisure, retail and cultural scene, Leeds is well placed to move further towards it’s ambition of becoming one of the UK’s great cities.

New City Centre Development Is A Real Pearl

Pearl Chambers Leeds

Work to transform a landmark Grade II listed former office building in Leeds city centre into 26, one and two bedroom apartments is nearing completion following a significant investment by private developer Khalsmith.

Built in 1911, Pearl Chambers on The Headrow has four storeys and plenty of historic and characterful detailing throughout the building.  It used to be known as the Pearl Assurance Building and has a statue of the life insurance company’s President and Founder, Patrick James Foley high up on the building.  The work is due to complete in the next couple of weeks, with a selection of apartments available for sale now.

It’s one of those buildings in Leeds everyone knows. In a really central location and steeped in history, it’s perfect for residential use. The developer has worked really hard to retain as many of the character features as possible, restoring the original windows, retaining the ceiling heights and the original surround which means that all of the apartments have their own individual feel.

Inside the specification is to a very high standard, and combined with the building’s excellent location close to the railway station and all the city centre’s main leisure and retail offerings, this development has plenty of appeal and especially because very individual schemes in the heart of the city centre are few and far between these days..

A number of apartments have already sold off plan, and there are currently a handful of two bedroom homes available ranging in price from £210,000 to £350,000.

Khalsmith has previously converted other buildings in Leeds city centre into successful residential schemes including 42 Park Place which proved really popular with investors and owner-occupiers.

For further information call our sales team on 0113 398 0099.

A Great Time To Make The City Centre Your Home

issho3A WAVE of new apartment developments in Leeds city centre have coincided with a number of new accolades for the city as well as several restaurant and bar openings, leading to a surge of people choosing to live in the city centre.

Morgans is currently marketing several central apartment schemes which have been developed exclusively for the rentals market offering high quality, fully furnished, one and two bedroomed homes in some of the city’s most sought after areas. 

These include 53 The Calls, where work has just completed on 19 contemporary apartments developed by Avenir Works.  All of the one and two bedroom apartments within the former office building at the eastern end of The Calls combine a modern design with a wide range of character features including high ceilings, exposed brickwork and large windows.  This is complemented by art déco influenced bathroom finishes, lightwood veneered floors and high specification kitchens complete with black granite work surfaces.  Prices range from £850 to £1,400 pcm.

East Point is another development that Morgans is marketing, consisting of 42 apartments on Richmond Street, close to The Calls, The Gateway and Clarence Dock.  The scheme has seen a former college building converted into a range of individual apartments with modern finishes, veneered floors, contemporary kitchens and bathrooms as well as off-street parking and a spacious residents’ terrace.  Prices range from £650 to £1250 pcm. 

These developments come hot on the heels of Leeds city centre making the headlines for all the right reasons recently.  The city has just been ranked fifth on The Lonely Planet’s best 10 places to visit in Europe and is now bidding to become the European Capital of Culture in 2023, which is really exciting.  We also have a host of new bars and restaurants opening every month, some owned by well-known local restauranteurs and others by established global giants such as D&D – look out for Issho, East 59TH, Mowgli Street Food and The Potting Shed amongst others.

As a result of all this, Morgans is receiving record enquiries from people who are eager to make Leeds city centre their home, recognising just how easy and exciting life in the city can be.  After years of undersupply, the city’s residential market is starting to step up the pace, and we have a range of apartment developments being released onto the market.  53 The Calls and East Point are both built for rent and available now and X1 Aire on East Street, which is also aimed specifically at renters, has also recently completed.

These developments are all proving extremely popular and we started taking reservations for East Point and 53 The Calls before work completed.  A large number of our tenants are moving into the city centre for the first time from across the city and beyond, and this is a trend that is set to continue, with several other exciting developments due to complete in the next 12 months, including 2 The Headrow and Victoria House which will offer renters further options across the city. 

Recent data shows that growth in the Northern cities is outstripping that in London and the south-east and it is essential that we are able to provide enough accommodation of the right quality in order to meet demand.

Brand New City Centre Rental Apartments Hit The Market

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The first apartments are now ready to reserve at Leeds city centre’s latest residential scheme, which has been developed exclusively for the rentals market and has seen a stunning building on The Calls transformed into a 19 contemporary homes.

53 The Calls has been developed by Avenir Works and we’re currently taking reservations for the homes in advance of their completion during July.  A show apartment has also just been unveiled that is now open to view.

All the one and two bedroom apartments within the former office building combine a modern design with a wide range of character features including high ceilings, exposed brickwork and large windows.  This is all complemented by art décor influenced bathroom finishes, lightwood veneer floors and high specification kitchens complete with black granite work surfaces.

53 The Calls is one of the best developments that will complete in Leeds city centre this year.  It’s in a great location, close to the River Aire and just a few minutes away from the historic Corn Exchange, and lots of the city’s most popular bars and restaurants such as Red’s True Barbecue, Jakes, Roland, Graze, Shears Yard, Brasserie Forty 4, Oracle and The Lamb & Flag.

All the loft style apartments offer exceptional furnishings and a unique specification that maximises all of the building’s original features, and they are already proving popular with discerning tenants looking for high quality rental property in this sought after area.

The show apartment provides a real feel for the exceptional quality that flows throughout the whole development and we’d urge anyone currently looking for a standout home to visit and experience what’s on offer first-hand.

Prices at 53 The Calls range from £850 to £1,400 pcm and further information is available by calling Morgans on 0113 3980099.

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Nine New Starters At Morgans

New starters at Morgans 2017 small

Nine new starters have recently joined Morgans, bolstering our office support team and rentals and sales divisions.

Holly Petterson and Cristina Harney join as receptionists, Matthew Kendrick, Jenny Sowerby and Phoebe Edwards join as property managers and Reece Burd has been appointed as an accounts administrator. Experienced rentals negotiator Lewis Williams and sales coordinator Laura Adams bolster the 12 strong sales and lettings team, and James Bruce will work as both a rentals and sales negotiator specialising in developing new business.

Business across our City centre and Headingley offices is up by around 10% in comparison to the same quarter last year.  The residential property market continues to gain momentum, especially in Leeds City centre where ongoing significant investment in new commercial developments, infrastructure and the retail and leisure offering is inevitably attracting more tenants, owner occupiers and property investors to the core of the City.


Brand New Leeds City Centre Apartments Are Huge Success


Work is complete at Leeds city centre’s latest ‘build to rent’ apartment scheme and the fully furnished, brand new apartments are all now fully occupied after being reserved in a matter of weeks.

The development is located in an enviable position on New Briggate and consists of 13, one and two bedroom, apartments over five floors.

Each home is finished to an exceptional standard and includes air conditioning, which is a first for Leeds city centre, as well as high quality furnishings and a stunning range of kitchens and bathrooms.

These apartments have been extremely popular with discerning tenants looking for a standout home.  Each property has been carefully designed and thoughtfully furnished so tenants just needed their clothes and personal belongings, to move straight in.

The development’s location has been another major selling point.  The apartments occupy the upper floors above North Bar, next to the city’s Grand Theatre, with both Briggate and Victoria Gate just around the corner, meaning the development has some of the UK’s best shops, bars and restaurants on its doorstep.

As a result we were inundated with enquiries as soon as we started marketing these apartments and it’s fantastic to see them already fully occupied, in such a short space of time.



Leeds City Centre’s Latest ‘Built To Rent’ Scheme Nears Completion

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Building work is soon to complete on Leeds city centre’s latest ‘build to rent’ apartment scheme, which is in a prime location on New Briggate.

The development consists of 13 one and two bedroom fully furnished apartments and that are being marketed by Morgans.  The apartments, which will be ready to move into during the summer, are spread across five floors above the city’s highly-acclaimed North Bar, next to the famous Leeds Grand Theatre and less than two minutes’ walk from the flagship John Lewis store which is due to open in late October.

The location of this development alone, is almost enough to ensure its popularity.  It’s ideal for anyone who wants to be right in the heart of Leeds, surrounded by great shops, bars and restaurants.  There are very few rental properties available that are so close to the city’s main retail offering-Trinity Leeds, Harvey Nichols and the new Victoria Gate development with its John Lewis, are all just minutes away and the immediate area is bursting with bars and restaurants including Manahatta, The Brotherhood, Belgrave, Brewdog, and the original Leeds indie bar, Mojo.

The quality of the interior specification is very high and includes air-conditioning to each apartment which is a first for Leeds city centre. Kitchens and bathroom fittings have been carefully selected and the furnishings will be of similarly high quality.

Prices will start at £650pcm for a one-bedroom apartment. To register your interest, or for further information, call us on 0113 398 0099.


City Residents Want To See Selfridges Open In The City

selfridgesAs Leeds continues climbing the league tables of the UK’s best shopping destinations, city centre residents have revealed that Selfridges is the retailer they’d most like to see opening its doors next in Leeds.

Morgans, asked more than 100 of the city’s newest residents, who have recently rented apartments through the company, about their shopping habits and favourite retailers.

Of those surveyed, 15% said Selfridges, which has department stores in London, Birmingham and Manchester, is the retailer they would most like to see come to Leeds.  This was closely followed by John Lewis, which is set to open its biggest store outside London when Victoria Gate opens in autumn.  Other popular choices were Forever 21 and Nike.  When quizzed about favourite shops, Harvey Nichols, Marks & Spencer, Zara, Topshop and Topman all fared particularly well.

Leeds has no shortage of great shops, and the opening of Trinity Leeds in 2013 elevated the city into a different league in terms of its retail offering.  When Victoria Gate opens later this year, it will raise the bar again and should help to cement the city’s position as a European retail destination, attracting an even wider audience.

We carried out this research to find out how big an attraction the city’s retail offering is to people when they are deciding where to live.  Of those surveyed 61% said Leeds city centre’s shops were an important factor when they rented an apartment and 38% are prepared to pay a premium to live within a two minute walk of the main retail area of Briggate.  In addition, a staggering 41% of city residents admit to going into a clothes shop every single day.

In recent years residential development in Leeds city centre has trailed a long way behind the city’s retail, leisure and office developments, with very few new apartments being built.  This has created major stock shortages for people wanting to move into the city and our occupancy rates have averaged 99.5% over the last 18 months, but this finally appears to be improving.

This year will see work start on approximately 300 new city centre homes, which will be ready for occupation during 2017 and this will help to ease tenant demand as well as mirroring the confidence that is so visible in many other parts of the city’s property market.

City Centre Penthouse Stands Out From The Crowd

Simpsons Fold penthouse May 2016

One of Leeds city centre’s largest penthouses is now for sale, which has just been refurbished to an exceptional standard and offers a stunning open plan living space in a highly sought after development.

The four bedroom, split level duplex apartment is located in Simpsons Fold on Dock Street and covers 2,200 square feet of living space, as well as benefitting from north and south facing terraces with superb views. It also has three bathrooms, utility room, feature staircase and two parking spaces.

The property, which is on the market for £699,000, is newly refurbished with a dark oak and quartz stone kitchen with hidden integrated appliances and marble flooring. The rest of the apartment offers a mix of dark hard wood and solid bamboo flooring throughout as well as floor to ceiling windows.

There are very few apartments in the North of England that are finished to this specification, with such a vast floor-space, and at this price, it offers great value for money. There is definitely nothing else available in the city at the moment of this size or standard.

The penthouse’s reconfiguration and refurbishment meets the highest specification, and boasts the latest fixtures, fittings and design features on the fifth and sixth floors of Simpsons Fold, which is an extremely popular development.

The scheme consists of 47 apartments in a Grade II listed warehouse conversion. It’s in a quiet part of Leeds, that’s largely residential and close to the River Aire, Brewery Wharf and The Tetley, but it’s still within a five minute walk of Briggate, which makes it a very popular place to live.

Leeds Church Buildings Get New Lease Of Life

St Peters Hall Leeds

The first of just three apartments in an exclusive development of historic buildings in the grounds of Leeds Minster have been released for sale as the first phase approaches completion.

St Peter’s House & Hall is a development of just 12 individual apartments, most of which will have a parking space, on The Calls in Leeds City Centre.

St Peter’s Hall is being sensitively converted into four apartments, one of which has already been privately sold. The two remaining one bedroomed apartments are priced at £140,000 and £160,000 respectively and the two bedroomed apartment is priced at £275,000.

This is a rare opportunity to live in a heritage building in a first class location. The Calls is one of Leeds’s most popular and well known residential streets, just ten minutes from the railway station, and with a host of quality restaurants, bars, shops and theatres on the doorstep.

All three apartments have a luxury specification with contemporary kitchens and bathrooms. Jonathan adds: “Due to the high vaulted ceilings, all of the apartments are split level with mezzanine floors. The double height arched windows, which bridge the ground and mezzanine levels, deliver a central feature focus for each apartment. They also provide plenty of natural light, and really set the tone for this high-quality, sensitively restored, beautiful red-bricked building.”

The second phase of development will see St Peter’s House, which sits alongside the Hall, converted into eight one bedroom apartments. Many of these apartments include lots of original features and no two apartments are alike. The north facing apartments enjoy stunning views of Leeds Minster, whilst those to the South side of the building overlook The Calls.

Work on St Peter’s Hall will complete this month and work on St Peter’s House is set to complete in the summer. It will be a while before another development like this comes along in such a great location and we envisage that there will be very strong demand.