The North East
Building HBD’s Development Pipeline Across Yorkshire and the North East - Connectivity, Occupier Demand and Harnessing the Levelling Up Agenda
IAMP Sunderland - CGI
As part of the Henry Boot Group, HBD has operated in Yorkshire and the North East for more than 130 years. While we work across the UK, the Yorkshire and North East region has always been a key focus for our business. In early 2020, we opened our seventh regional office in Leeds (our second in Yorkshire along with our Sheffield HQ) and over the past year we have continued to build our team in the city.
Our first Leeds deal followed shortly after we launched, acquiring a key building in the Mabgate area. It’s an exciting addition to HBD’s urban regeneration portfolio and we look forward to beginning the redevelopment of the site, contributing to the huge amount of investment being channeled into the area.
Resilient sectors HBD focuses on two key markets - urban regeneration and industrial and logistics. Both sectors have remained resilient within the Yorkshire and North East region, despite the pressures of the pandemic.
Throughout 2020, we continued to expand our development pipeline (currently £1.4bn), with Yorkshire and the North East a major focus. We made significant progress on all our schemes across the region, including the 370-acre International Advanced Manufacturing Park (IAMP) located on the border between South Tyneside and Sunderland, our 200-acre logistics and distribution scheme, Wakefield Hub, and our iconic Chocolate Works scheme in York.
Levelling up and post-Brexit opportunities As the UK targets recovery and lockdown restrictions are removed, there is huge opportunity for Yorkshire and the North East to demonstrate what the region has to offer, to carve a central role for itself in the country’s economic recovery, and to harness opportunities post-Brexit.
The levelling up agenda also presents significant opportunity for the region to secure new investment in infrastructure. Recent news that the North East is among those areas being considered for a Tesla ‘Gigabit’ factory is welcome news and an excellent opportunity for the region to demonstrate what sets it apart.
COMMERCIAL PROPERTY MONTHLY 2021
Infrastructure and connectivity Infrastructure is a major factor for occupiers seeking space to grow and expand - the North East and Yorkshire is extremely well-connected and as such should feature prominently on occupier shortlists. Our 200- acre Markham Vale industrial and logistics scheme located on the M1 is a prime example; built on great connectivity and high quality space. Development continued throughout 2020, completing a £25m deal with Aver Property (a JV between Ergo Real Estate and NFU Mutual) for the delivery of an additional 297,000 sq. ft. Orion One, spanning 224,424 sq. ft., and Orion Two, providing 75,958 sq. ft., are now built out and available to let.
Industrial demand Demand for high quality, well-located industrial stock will remain strong, exacerbated by the structural shift away from the high street and toward ecommerce; a trend that was accelerated significantly by the pandemic. Figures from Avison Young indicate industrial take up of 6,587,686 sq. ft. during 2020 - a significant increase on the five-year average of 3,757,302 sq. ft.
Our development requirements It’s an exciting time for the region and we look forward continuing to build HBD’s pipeline and investment portfolio, targeting new sites and redevelopment opportunities. The North East and Yorkshire will remain a key focus, and we continue to seek further long-term strategic opportunities, whether as a sole development opportunity or as part of a joint venture.
HBD is seeking: • Strategic employment sites - min. 10 acres • Land and existing buildings • Flexible structures (partnerships and joint ventures are our speciality) • Urban regeneration opportunities • Investments with redevelopment potential •
Contact: Tom Wheldon
tomw@hbd.co.uk 0113 831 5511
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