yorkshire region |
THE COMMERCIAL PROPERTY SECTOR IN YORKSHIRE T
by Simon Jackson, Head of Commercial Property at Shulmans LLP
he commercial property sector in Yorkshire has had another successful
year, with the development of pioneering projects, both in its cities and surrounding towns. At Shulmans, we’re delighted to have played our part in this success story. In the heart of Leeds city centre, the Victoria Gate complex has transformed a
office, developed by MEPC at Wellington Place, is an example of this, offering the business community additional activities such as a workplace choir, food and craft markets, sports facilities and even a knitting club! We continue to recognise the need for
firms to provide clients with clear solutions. We’ve been involved in many projects which required creative thinking and our team has come up with innovative solutions to satisfy developers' requirements in terms of bespoke design, layout and lease terms. Overall, general confidence in the
Simon Jackson
dilapidated area of the city into a stunning retail complex and is home to John Lewis’ flagship Northern store. This new destination has businesses flocking to it, including Leeds’ only Michelin star restaurant, The Man Behind the Curtain. Our team advised Town Centre Securities in this transaction and the new restaurant will open later this year. There has been similar regeneration in
other areas of Leeds at Regent Street, where a garage has been developed into a mixed-use retail and leisure site housing an Aldi, PureGym and Poundland. Investment continues in other towns across the region too. A substantial leisure development in Harrogate, where we advised 4Urban, has brought the spa town a five screen Everyman cinema and several new restaurants. The demand for offices in Yorkshire’s
cities continues to grow. However, lease terms and tenant requirements vary by sector, driven by the competing economic needs of the landlord and the occupier. At one end of the spectrum, there’s a growing demand for flexibility on lease length and terms. Driven by start-ups, especially in the FinTech sector, the entrepreneurial spirit of the region means new business owners are seeking cost-effective offices capable of expanding with their business, or which will allow them to move easily. This drives demand for short term leases, serviced offices and temporary facilities. In contrast, manufacturing, industrial
and large professional services firms are looking for long leases with permanency as they take potentially prohibitive moving costs into account. Although the ability to grow and proximity to essentials such as transport links are still key, a sense of community in workplaces and added value are becoming more important. Our own
COMMERCIAL PROPERTY MONTHLY 2017 75
commercial property sector across Yorkshire has continued to rise. In the past 12 months, our Real Estate team has grown to over 30 specialist property lawyers, making it one of the largest of its kind in the region. We were acknowledged with a double award win last year, demonstrating our credentials as a leading player in the Real Estate arena. We continue to share our thought leadership through the regular seminars and events we run, tackling subjects such as the Northern Powerhouse, Brexit and Transport & Infrastructure. Although there are challenges ahead, particularly with the uncertainty that Brexit brings, we’re confident that the Yorkshire region will continue to flourish as a place to
invest. It is a hub for the legal sector and is attracting work from London and other commercial centres, enabling clients to access high quality advice and affordable pricing structures. Key to the success of all of this is for law
firms and other professionals to continue to engage with clients in a way that focusses on their objectives and challenges; to think creatively in terms of the solutions and strategies that are available; and to deliver good commercial advice that adds value and gets deals and transactions over the line.
This article was written by Simon
Jackson, Head of Commercial Property at Shulmans LLP. For more information or to discuss your legal requirements, please visit
www.shulmans.co.uk or call 0113 245 2833.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116
