Invest in Leeds City Region

Transcription

1 Research report Invest in Leeds City Region Autumn 2013

2 Introduction Located in the heart of the north, Leeds City Region is a thriving place to live, work and visit. The region covers a wide area, incorporating ten local authorities and the cities of Bradford, Leeds, Wakefield and York. The region is served by a highly-developed transport infrastructure with road links via the M1, M62 and A1(M) motorways, and a rail network that connects Leeds to London in two hours, and Leeds to Manchester in under an hour. The Northern Hub and proposed high speed rail network, HS2, will see journey times to and across the region shorten considerably. The region also benefits from Leeds Bradford International Airport. This rapidly expanding airport handles 3 million passengers a year, projected to rise to over 4 million by 2015, with flights to over 65 destinations, including three daily flights to London Heathrow. This connectivity will help boost international visitor numbers to Leeds in July 2014 to witness the Tour de France Grand Depart. With globally renowned universities, leading research expertise and a range of apprenticeships on offer, businesses in the region have access to a pool of highly skilled graduates and young achievers. It is no surprise therefore that the region is home to the country s biggest legal centre outside of London, according to the Chartered Institute for Securities and Investment, and that Leeds is the UK s leading city for retail banking and related financial services. The region has shown resilience during the economic downturn and is well placed to benefit from the recovery that is now gaining momentum. Wakefield s mixed use Merchant Gate scheme and several key developments in Leeds, such as the first direct arena, KPMG s new regional headquarters at Sovereign Square and Trinity Leeds, (the only major UK shopping centre to open in 2013), are testament to the increasing activity in the region. Our report provides an overview of the Leeds City Region, covering the employment structure, economic outlook and the commercial property market. We also consider the importance of the region s Local Enterprise Partnership (LEP) and City Deal and other drivers of growth alongside key developments and infrastructure projects. Figure 1: Maps showing the the Leeds City Region Bradford Source: Leeds City Region Partnership 02 I GVA City Point, 29 King Street, Leeds LS1 2HL

3 Invest in Leeds City Region Autumn 2013 Local economy Demographics and employment The Leeds City Region covers an extensive area and has a population of 3 million people over its local authority areas of Leeds, Wakefield, Bradford, Calderdale and Kirklees in West Yorkshire; Craven, Harrogate, York and Selby in North Yorkshire; and Barnsley in South Yorkshire. The region accounted for almost 60% of Yorkshire and Humberside s total output in 2012 according to Experian/GVA data. The public services sector was the largest contributor to the regional economy last year, closely followed by the professional & other private services sector, both contributing more than 20% of output. The manufacturing and wholesale & retail sectors also made a significant contribution, each accounting for circa 12-13%. In the five years to 2017, we expect the output of Leeds City Region to grow by circa 1.6% pa, a similar rate to the UK. There are more than 1 million people in full time employment in Leeds City Region according to Experian figures. This pool of labour is fed by nine higher education institutions, producing 36,000 graduates each year (Leeds and Partners), including the leading Universities of Leeds and York. In addition, Bradford and Leeds feature in the Financial Times top 100 European Business School Rankings Experian/GVA data shows that the public service sector accounts for the greatest number of FTE employee jobs across the region, estimated at more than 270,000 in The largest employers are Leeds City Council and the Leeds Teaching Hospitals NHS Trust (one of the largest in Europe). The next biggest employment sectors are professional & other private services and wholesale & retail, both employing over 170,000 people. Key employers include DLA Piper, Eversheds, Asda, Morrisons, Coca-Cola and Santander. Despite a general shift away from traditional manufacturing towards more service-orientated employment, the manufacturing sector still provides a significant number of jobs in the region, totalling over 130,000 FTEs in Leeds, Kirklees and Bradford have the highest concentration of employees working for manufacturing businesses. The engineering industry in particular has performed strongly and accounts for the greatest number of jobs in the sector. New arrivals, such as the Siemens Mechanical Drives factory in Leeds, have been instrumental in bringing about significant investment in the area. Figure 2: Leeds City Region employment by sector (Source: Experian/GVA) Public services Professional & other private services Finance & insurance Information & communciation Accommodation, food services & recreation Transport & storage Wholesale & retail Construction Utilities Manufacturing Extraction & mining Agriculture, forestry & fishing (2013 estimates) 0 50, , , , , ,000 Leeds City Region is also a well-developed finance and insurance centre and is a major hub for accountancy and banking. There are strong historical links to the sector with a number of building societies founded in the region, including the Leeds, Skipton and Yorkshire Building Societies. Leeds is also home to the Bank of England s only northern cash centre and the headquarters for first direct. York has a strong insurance sector with Hiscox making a significant new investment in the city. KPMG, HSBC, Direct Line and Provident also have large operations in the region. Looking ahead, job creation is likely to be strongest in the professional & other private services sector with Experian/GVA data predicting circa 18,500 extra FTE jobs in the four years to This represents growth of 2.2% pa, exceeding the 0.9% pa pre-recession growth rate, and will offset the expected decline in public sector jobs. Strong employment growth is also expected in the following sectors; transport & storage, accommodation/food services & recreation, construction, and finance & insurance. Overall, nearly 50,000 jobs are expected to be created across all sectors in the Leeds City Region over the next five years. City Point, 29 King Street, Leeds LS1 2HL GVA I 03

4 Commercial property market Leeds City Region has seen a significant number of major new developments complete this year, setting it apart from other regional markets. Developers are viewing the region as a focal point for their UK projects, occupiers are realising the area s potential, and investor confidence has been boosted. Occupier market With the economy now showing signs of a more sustained recovery, occupier demand should strengthen further and good quality space will continue to be absorbed. Consequently, we expect a reversal in the decline in average rental values seen over the past four years, as Figure 3 illustrates. Our forecasts for average commercial property rental values in Leeds City Region suggest that average rental growth should return to positive territory for 2013 as a whole, at 0.7%, and accelerate to 1.2% next year and 2.3% pa by From the end of 2013 to the end of 2017 we expect the rate of growth to average 1.8% pa. The office sector should see the strongest rate of growth over this period, at 2.5% pa. % pa Figure 3: Leeds City Region average rental growth (Source: IPD, REFL, GVA) Retail Offices Industrial 206 St Vincent Street, Glasgow G2 5SG GVA I 04

5 Invest in Leeds City Region Autumn 2013 Retail & leisure The retail and leisure sector is now a key driver for the region s commercial property market with a number of new schemes recently completed and several others in the pipeline. In March, Land Securities 378 million Trinity Leeds was the UK s first major shopping centre to open since The scheme provides 1 million sq ft of retail space, with almost half of the units let to retailers new to Leeds city centre. It represents major investment at a time when the UK retail sector is struggling and, according to a report by consultancy Corporate Citizenship, has already contributed 740 million to the economy. Leeds first direct arena, which opened its doors in July, has a seating capacity of 12,500 and provides the city with a world class multi-purpose entertainment facility. According to Leeds City Region Partnership, the arena will generate 25 million in additional revenue for the city and an extra 70,000 overnight stays each year for the city s hotels. The venue forms part of the Arena Quarter redevelopment, with improvements and a new front to Town Centre Securities Merrion Centre creating a new retail and leisure destination with bars, cafés and a gym. Wakefield s growing reputation as a cultural destination has been cemented with the arrival of the award-winning Hepworth Gallery, which was completed in 2010 at a cost of 35 million. Spanning over 17,250 sq ft, it is the largest purpose-built art exhibition space outside London and incorporates a café, learning studios and conference space. The gallery has played a significant part in attracting private sector funding for wider regeneration in the area. Forthcoming retail and office schemes Whitehall Riverside, Leeds Situated in the city s West End, this Grade A office development lies opposite Wellington Place and is within a short walk of Leeds historic office core and central station. Whitehall Riverside No.1 is already available for let and further development is planned for No.2, No.3 and No.7. Town Centre Securities are currently seeking outline planning consent for No.2 which, if obtained, will offer 150,000 sq ft of quality office accommodation over eight storeys. Central Square, Leeds The former Lumiere Site in Leeds city centre has recently been acquired by Roydhouse Properties and has existing consent for a circa 250,000 sq ft office led development over two buildings. City Square House, Leeds This proposed development in the heart of the city centre has full planning permission for 173,500 sq ft of Grade A space over 14 storeys. One Sovereign Square, Leeds This 60,000 sq ft office development is due for completion in September 2015 and will be KPMG s new Leeds headquarters. This was forward funded by British Steel Pension Fund with market rumours suggesting it acquired the site at a yield of 6.5%. Merchant Gate, Wakefield This 140 million mixed use scheme is transforming the city centre of Wakefield and when fully completed, will create a new 17 acre commercial quarter incorporating 90,000 sq ft of office, retail and leisure space and 66 residential apartments. Several office buildings have already been completed including Wakefield One, the new home of Wakefield Metropolitan District Council. This five storey building was completed in June 2012 and provides 123,000 sq ft of Grade A office space over five storeys. Victoria Gate, Leeds Hammerson have recently submitted plans for the first phase of this city centre development which will be anchored by a 260,000 sq ft John Lewis store. Phase 1 comprises an arcade of 30 high-end stores, restaurants and leisure facilities including a casino. Construction is due to start in 2014, with opening scheduled for autumn Once complete, Victoria Gate will provide up to 1.2 million sq ft of new retail and leisure space. New Dock, Leeds Following Allied London s purchase of the 150 year lease at Clarence Dock in January 2012, the 250 million waterfront development has been renamed and rebranded with plans afoot to create a vibrant destination which will appeal to residents, visitors and the growing number of digital and creative businesses in the region. Proposals include retail and leisure space incorporating a restaurant boardwalk, workspace hub and public squares with space for theatre, comedy and other entertainment. Westfield, Bradford Westfield has confirmed that work is expected to start later in the year on its 550,000 sq ft Broadway scheme. The development will comprise more than 70 stores, anchored by Debenhams, M&S and Next, transforming the city s retail and leisure offer. Vangarde Shopping Park, York This 90 million development on the edge of York is due for completion in spring 2014 and will be anchored by Next, M&S and the city s first John Lewis. The scheme will also include a 6,000 seat stadium which will be York City FC s new home. Wellington Place Business Quarter, Leeds This 2.6 million sq ft mixed use commercial and residential scheme is located close to the heart of Leeds city centre and has outline planning consent, with detailed planning consent for circa 350,000 sq ft of the masterplan. Wellington Place is already home to a number of large corporates including Sky, Allianz and PwC and continues to attract key occupiers, the most recent being Shulmans. The law firm signed a 15,000 sq ft pre-let at 10 Wellington Place earlier in the year, allowing work to commence on MEPC s 35,000 sq ft, five-storey office scheme. MEPC is expected to secure planning permission shortly for buildings 5 and 6 and if approved, is suggesting building speculatively. City Point, 29 King Street, Leeds LS1 2HL GVA I 05

6 Office market The Leeds office market is showing signs of a recovery, with city centre headline Grade A rents at circa psf. There is potential for this to rise in the coming months as the level of available stock decreases. The occupier market is beginning to pick up as confidence returns and finance becomes more readily available. Where pre-lets are in place, construction is now starting on schemes. Consequently, this uplift in occupier demand should feed in to the development market, creating more favourable conditions for speculative construction. Leeds has a sizeable office market with just over 20 million sq ft of stock. Central Leeds, with stock of circa 11.2 million sq ft, has seen its highest level of take-up for several years, totalling more than 430,000 sq ft in the first half of the year. The city has been the best performing regional city of GVA s Big Nine locations in terms of take-up over this period, exceeding both Manchester and Birmingham. Significant lettings include those at Highcross Broad Gate scheme, with Yorkshire Building Society taking 76,000 sq ft and Capgemini a further 25,000 sq ft. There is however a stark contrast between Grade A space which is now severely restricted and secondary space of which there remains a fairly healthy level of supply. With significant requirements coming through over the period , and with limited space under construction, a shortage of Grade A stock is emerging, and this is encouraging developers to re-start activity. The York office market is also showing signs of a recovery, with stronger demand this year than in Headline rents currently stand at between psf. Just under 15,000 sq ft of deals have taken place in the city centre this year. Hiscox has taken 10,000 sq ft at Mallard House, 3 Peasholme Green on a temporary basis whilst plans for their new 50,000 sq ft HQ are drawn up. Grade A space is currently in short supply in the city centre, and we expect the recent refurbishment of 20 George Hudson Street (18,500 sq ft) to see healthy interest. In the first quarter of the year, international engineering company Renishaw, bought Redwood House, a 20,000 sq ft purpose-built R&D unit at Northminster Business Park in a multi-million pound deal. The former site of the Terry s Chocolate Factory in York has the potential to provide office space of up to 200,000 sq ft as part of The Chocolate Works development. This 14 acre site comprises 236,800 sq ft of iconic buildings in addition to cleared development land and was acquired by Henry Boot Developments and David Wilson Homes in April Plans are in place to build a hotel, leisure, retail and office space, as well as apartments, townhouses, accommodation for senior living and a nursery. Furthermore, Network Rail have demonstrated their commitment to York with their Leeman Road scheme which will see 92,000 sq ft of new office space created for a new rail operations and training centre, due for completion in I GVA City Point, 29 King Street, Leeds LS1 2HL

7 Invest in Leeds City Region Autumn 2013 Industrial market Leeds City Region has excellent national and international transport links. Leeds Bradford Airport provides access to key aviation routes and the region is within easy reach of some of the UK s busiest ports, including Grimsby & Immingham, Hull and Liverpool. The region is also served by good motorway connections, in particular at Wakefield and Normanton, where the M1 and M62 motorways intersect. Such high levels of connectivity make the region an important logistics and distribution hub. Although the industrial market saw relatively weak levels of take-up last year, 2013 is showing signs of improvement with a gradual increase in take-up across the region. Much activity has been focused on the second-hand market, with deals including: Global Autocare have purchased Threadneedle s 150,000 sq ft former Ring site on Gelderd Road, Leeds 120,000 sq ft let to One Stop Shop at Prologis Wakefield 3663 have bought a 120,000 sq ft modern distribution unit from MST at Wakefield Europort 70,200 sq ft let to Symingtons at Sprint 70 in Leeds AJM Labels have leased 50,000 sq ft of industrial space from Towngate on Gelderd Road Storefirst have acquired the 38,000 sq ft Quantum unit in Leeds from cdp. Construction activity came to a halt during the recession leading to a general shortage of modern, new premises in the region and limited availability of sites ready for immediate development. No space is currently being built within Wakefield or Leeds and in the short term any speculative development is likely to be small scale. As a result, Grade A space in these locations is now severely undersupplied, particularly for mid-sized units of around 20,000-80,000 sq ft. In Leeds there is a wide range of second hand multi-let estates and some have gone through recent refurbishment programmes but there are no new premises available at present. In Wakefield there is very limited availability within the town itself and along the M1 corridor. At Normanton, there has been some development at Trident Park, with a unit built for Bosch and one under construction for SEW Eurodrive. The land at Trident Park and adjoining Link 62 is the most likely to be developed in the near future here. On the existing Normanton estate and Wakefield Europort, availability is low and reducing. The former HI unit, at 280,000 sq ft, provides a rare opportunity to acquire a large stand-alone unit in this area. City Point, 29 King Street, Leeds LS1 2HL GVA I 07

8 Investment market performance Overall investor demand for UK commercial property remains very strong, driven by both domestic and overseas buyers. Indeed, investor sentiment has become more positive during 2013, as debt has become more freely available and the cost of equity has fallen. Demand remains firmly focused at the good quality end of the spectrum, particularly for buildings where the tenant has a long unexpired lease term and a strong covenant, or where good asset management potential exists. However, we are now seeing stronger investment activity for more secondary investment product, if it is market priced. Overall transaction levels are being held back by a lack of good quality product, and investors are looking higher up the risk curve for opportunities. Overseas investors are now increasingly looking outside London for opportunities, particularly given the more attractive pricing levels on offer in the regional markets. Against this backdrop, Leeds City Region has much to offer investors. Over the last five years, investment transactions in the region have averaged over 600 million pa, with more than 380 million transacted so far in Key transactions this year include: Legal & General Property purchased The Light in Leeds for 91.8 million at a yield of 7.2%. The centre is anchored by a Vue cinema and Virgin Active Health Club and includes over 41 retail and leisure tenants. The Green in Bradford was bought by Arzan Wealth in May for 42 million, reflecting a yield of 7%. The student housing site has been let to Bradford University until The office scheme at Toronto Square in Leeds city centre has recently been sold to M&G Property Portfolio for 29 million, representing a yield of 7%. The IPD quarterly index for Leeds suggests an upward shift in average equivalent yields of more than 60 basis points from June 2011 to June However, yields are now levelling off and we think there is potential for some downward movement at the prime/good quality secondary end of the market. As figure 4 shows, property yields are now above long-term average levels. Our analysis of IPD data suggests that capital values for commercial property in the Leeds City Region fell by 8% in 2012, but we project a decline of just 1.6% for 2013 as a whole as yields level off. Capital values should start rising in 2014, with +2.4% forecast as rental value growth performance improves and yields start to react positively. From end 2013 to end 2017, we expect commercial property in the Leeds City Region to see capital value growth of nearly 2% pa. Industrial property is forecast to see the greatest increase, at 2.3% pa. A strong total return of 9% is forecast for commercial property across the region in 2014, compared with our projection for 2013 of 4.8%. From end 2013 to end 2017 we forecast an average return of 8.5% pa. Our forecasts for total returns by sector are shown in Figure 5. Figure 4: Leeds City Region average equivalent yield (Source: IPD, REFL, GVA) Figure 5: Leeds City Region total returns (% pa) (Source: IPD,GVA) Average equivalent yield Average Average Total return, % pa Retail Offices Industrial 08 I GVA City Point, 29 King Street, Leeds LS1 2HL

9 Invest in Leeds City Region Autumn 2013 Drivers of growth Leeds City Region Local Enterprise Partnership (LEP) This public/private organisation (also known as the Leeds City Region Partnership) has been promoting economic development across the region since Four key focal areas form its strategic plan over the period : Supporting business and enterprise Enabling a skilled and flexible workforce Fostering a low carbon, sustainable economy Creating the infrastructure for growth The LEP is integral to unlocking finance for smaller businesses via the government s Regional Growth Fund and its own Growing Places Fund (see below). Leeds City Region Deal Agreed in July 2012 between the government and the LEP, the City Deal has given the region s local authorities greater spending power and control over decision-making. As part of the deal, a number of initiatives will be rolled out across the region, including a 1 billion fund to improve public transport facilities, the creation of a 400m infrastructure investment fund and the development of an Apprenticeship Hub with the aim of creating 15,000 new apprenticeships. Regional Growth Fund/Business Growth Programme With assistance from the LEP, businesses across the Leeds City Region have already obtained circa 70 million of government funding which will help to create up to 3,500 jobs. The LEP has acquired an additional 20 million from the Fund allowing it to establish the Business Growth Programme which allows small businesses to apply for grants of between 10,000 and 1 million, and is targeted at emerging sectors. Growing Places Fund This 500 million fund from central government was launched in 2012, with 36 million available to Leeds City Region to support stalled projects, tackle infrastructure constraints and drive sustainable economic and employment growth. Thus far, the LEP has received and disseminated over 30 million from this fund. Revolving Investment Fund (RIF) This new loan scheme was launched by the Leeds LEP in July and will provide loans in excess of 1 million to aid economic growth and/or contribute to lowering carbon emissions. This includes both commercial and residential developments as well as infrastructure projects. 10 million will be available to plug funding gaps with loan repayments made in five years. Aire Valley Enterprise Zone This enterprise zone was launched by the LEP and Leeds City Council in 2012 and has the potential to create 9,500 jobs and 550 million of economic revenue by 2025 if fully developed. The site is close to Leeds city centre and covers 351 acres of development land. The area already employs approximately 15,000 people across 400 businesses. Companies who choose to locate here before March 2015 will receive reduced business rates for five years among other incentives. Bradford City Centre Growth Zone Covering an area of 420 acres, the growth zone extends across the whole city centre and offers businesses incentives such as superfast broadband and reduced business rates. The city centre has already received considerable investment via the Council s Capital Programme which has assisted with the delivery of projects such as the 24.4 million City Park. Leeds City Region Digital Infrastructure Plan This strategy, launched in 2012, sets in place a long term plan for improving the region s digital infrastructure, enhancing broadband and wifi services over the next three years. This will help to expand the already burgeoning digital sector which currently employs more than 20,000 people across the region, making it one of the most advanced digitally-enabled economies in the UK. Telecommunications operator aql is already planning a 43 million data centre (Leeds Site 2 DC4) which will provide 120,000 sq ft across two six storey buildings. This will be one of the UK s largest independent data centres. Wakefield District Jobs and Growth Plan This plan was introduced in 2012 and covers a five year period during which Wakefield Council, in conjunction with Wakefield Enterprise Partnership, intend to stimulate economic growth and job creation by focusing on: Enhancing the skills of local people Enabling businesses to grow Improving housing, infrastructure and the environment These key priorities are supported by annual action plans which include the regeneration of the Kirkgate area, the creation of 250 new apprenticeships and an Apprenticeship Training Academy, a five star hotel and a business complex. City Point, 29 King Street, Leeds LS1 2HL GVA I 09

10 Transport infrastructure High Speed 2 (HS2) Although this scheme is still hotly contested in the political arena, the second phase of HS2, if approved, could bring considerable benefits to the region. Following the proposed completion of phase one in 2026, the second phase will extend the line northwards from Birmingham, splitting in two with the eastern branch to Leeds opening to passengers in This will require a new station in Leeds city centre, connected to the existing station via a pedestrian link. HS2 estimate that the construction of the Leeds New Lane station will create up to 19,700 new jobs and could support the development of up to 2,400 new homes. In addition, the reduction in journey times to the capital has the potential to generate further economic growth. Journey times between Leeds and London will be shortened from 132 minutes to just 82 minutes, whilst passengers from York will be able to reach the capital in 83 minutes. A further benefit is that HS2 will free up capacity on existing rail lines, allowing scope for better local rail services. The Northern Hub To be completed between 2016 and 2018, the Northern rail hub will improve the connectivity between main towns and cities in the North, extending across a wide area which incorporates Leeds, Manchester, Liverpool, Chester and Newcastle. Benefits include an increase in express services between Leeds and Manchester from four to six trains an hour and reduced journey times to Sheffield, Bradford, Halifax, Hull and the North East. A further 700 trains each day across the North of England will allow for an additional 44 million passengers and will in turn help to stimulate wider economic growth across the region. New Generation Transport (NGT) NGT, with support from Leeds City Council and Metro West Yorkshire PTE, is planning a 9.2 mile trolleybus network across Leeds which will improve journey times and increase capacity for commuters travelling into the city centre. The trolleybuses, which are expected to be operational by 2020, will provide a clean, safe form of transport powered by electricity from overhead wires and will be easily accessible for wheelchair users. It is estimated by NGT that the network will help create 4,000 new jobs and inject an additional 160 million into the local economy each year. A Transport and Works Act Order application is currently being put together which, if successful, will result in a Public Inquiry taking place prior to the start of construction in Leeds Station South Entrance Plans are also in place to deliver a new south entrance to Leeds train station which will provide a vital link between Leeds city centre and the Holbeck area over the River Aire. 010 I GVA City Point, 29 King Street, Leeds LS1 2HL

11 Invest in Leeds City Region Autumn 2013 Conclusions The Leeds City Region Partnership is an essential player in driving investment and economic growth across the region. Through initiatives such as the Business Growth Programme, the Partnership will help create a business landscape that stimulates further investment, benefitting the entire City Region. Such initiatives will be supported by the wave of planned infrastructure improvements and development opportunities across the region which will encourage further job creation and sustainable economic growth. The diversity of Leeds City Region is one its key strengths. Good transport links, a pool of highly skilled labour and strong growth forecast in a number of service sector industries will ensure that economic activity is able to prosper. As businesses demand more good quality space, development activity will continue to pick up. The retail and leisure sectors are seeing a significant amount of investment, with developments such as Trinity Leeds helping to drive economic growth. This plethora of new schemes across the region will encourage developers looking to capitalise on their success which in turn will give rise to substantial opportunities that will benefit both residents and employers across the region. New schemes in the pipeline, such as Westfield in Bradford, The Chocolate Works in York and Victoria Gate in Leeds, will build upon this growth and contribute towards the projected 9,000 new retail jobs by For those occupiers looking to locate outside of London, the region already has a strong occupier base with prime office quarters in Leeds and a strong manufacturing base in Wakefield and Bradford, supported by the Aire Valley Enterprise Zone and Bradford city centre growth zone. Investors can expect capital values across all sectors in the region to see positive growth. City Point, 29 King Street, Leeds LS1 2HL GVA I 011

12 London West End London City Belfast Birmingham Bristol Cardiff Dublin Edinburgh Glasgow Leeds Liverpool Manchester Newcastle Published by GVA 10 Stratton Street, London W1J 8JR 2013 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com For further information please contact: Ben Hall National Markets ben.hall@gva.co.uk Dai Powell Planning, Development and Regeneration dai.powell@gva.co.uk Rebecca Thorne Research rebecca.thorne@gva.co.uk gva.co.uk This report has been prepared by GVA for general information purposes only. Whilst GVA endeavour to ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without seeking professional advice. GVA assumes no responsibility for errors or omissions in this publication or other documents which are referenced by or linked to this report. To the maximum extent permitted by law and without limitation GVA exclude all representations, warranties and conditions relating to this report and the use of this report. All intellectual property rights are reserved and prior written permission is required from GVA to reproduce material contained in this report. GVA is the trading name of GVA Grimley Limited GVA I GVA City Point, 29 King Street, Leeds LS1 2HL