Avenir Properties says that a glut in the city centre market which is seeing property process actually dropping, together with its own recent success at a North Leeds development, is proof in point.
Amanda Brayshaw, sales manager of the Harrogate-based commercial and residential property developers, says its focus is now on locating worthwhile opportunities in suburban commuter belts, which have good local facilities.
As well as its North Leeds venture, which saw 80 per cent of a development of 15 one and two-bedroom apartments, designed by American fashion designer Ben de Lisi, being snapped up within the first hour of going on the market, it is now about to embark on a scheme to convert a former primary school in Rawdon, Leeds.
Amanda said: “There is clear evidence that the development opportunities that
were in Leeds city centre a few years ago don’t exist anymore. Some property prices are actually dropping.
“Also people who bought properties for the buy to let market are finding there aren’t enough prospective tenants out there.”
Amanda added: “Our development in North Leeds was a great success, and this wasn’t just down to the design and price. The location was just as important and this really did make the difference of being able to sell the apartments very quickly.
“Had this development been in the city centre, then I think it would have been a lot harder to sell the apartments. We are now concentrating our efforts on looking for suitable sites within the surrounding suburbs, where we are confident good quality, stylish houses and apartments are in demand.
“People want to live in areas where there are good local facilities such as schools and shops, good transport links to the city centre and one where there are also established neighbourhoods.
“How many city centre developments can boast some or all of these? Very few I’d say”
The next project Avenir is embarking on is the conversion of Littlemoor Primary School, in Rawdon into eight town houses, sitting alongside 14 two and three bedroom apartments.
Work has already begun on this development – which again is seeing Ben de Lisi playing a pivotal role in the scheme’s design - and is due for completion before the end of next year.