Ever since the announcement of the Northern Powerhouse initiative almost four years ago the north of the country has come into increasing focus economically. Manchester and Salford are often seen as leading the way in this regard, but Yorkshire cities such as Leeds and Sheffield are quickly learning the lessons of surrounding areas.
Boroughs of Manchester that have seen recent investment have included Salford, Stockport and Bury, with huge projects being undertaken to provide new retail outlets, commercial property, roads and transport links which have so far been seen to boost local jobs, property and the wider economy.
Sheffield looks to be following that blueprint to capitalise on its recent success with Sheffield City Council releasing its next phase of the Sheffield City Master Plan, to be completed by 2019. As the title suggests, Sheffield is joining in the economic revolution of the north.
There is already work underway from the council’s previously announced plans, with the Sheffield Retail Quarter scheme under construction and the work now falls under the Heart of the City remit. There is said to be a focus by the council to provide offices and retail units fit for a changing economy, with attention paid to how the retail world has been transformed by the internet and the council have also made it clear that they’re looking at attracting more premium brands to the area.
A new £90m development is currently under way for a new site for HSBC bank, already one the area’s largest employers.
Reporting in local media, including The Yorkshire Post, has been largely positive as residents are keen to have developments that would see them rival Manchester and Leeds for retail, property, jobs and culture.
The area highlighted for development under the new plans will include 60,000 square feet of the city centre area between Fargate and The Moor, and will be dubbed Heart of the City 2, following on from recent successes.
Property in Sheffield has been enjoying great success recently, too, with house prices increasing healthily and demand for rental property rising as the economy performs well with more jobs being created.
Due to the city hosting two universities it is also understood that more and more post-graduate students are deciding to settle within the city centre area and these new plans to provide more nightlife, shopping and living spaces should see that trend continue.
The plans are currently thought to need six years to complete but also bring the promise of 7,000 new jobs in the centre, mainly in service industries, which the council see as the future of the city jobs market.
Developments of residential properties around Sheffield are increasing too with investors keen to get on board early in this next chapter of the northern powerhouse project after the phenomenal success of off-plan projects in Liverpool, Leeds and Manchester.
Sheffield’s future looks bright and it would be no great surprise to see investors devouring these new opportunities. If you’re interested in investing in Sheffield contact us today to find out more!