Leisure outpaces North West growth but worries emerge for oversupply
THE LEISURE sector in Yorkshire is growing at a faster rate than the North West, according to the latest research from global real estate advisor Colliers International.
Year-on-year supply increased by 26 per cent in Yorkshire compared to 18 per cent in the North West.
Colliers also found that people in the region spend over 40 per cent more of their disposable income on recreation than the UK average. However, the Northern Soul report says that the food, drink and leisure sector has entered “uncharted waters” with much talk of oversupply in a range of locations.
Ben Dewhirst, from Colliers International’s Leeds licensed and leisure division, said: “Leeds is one of the fastest growing cities in the UK and its F&B market has blossomed at a similar rate. The city has continued to attract leading occupiers in new developments such as Victoria Gate and continues to entice significant interest when existing opportunities become available with current units attracting strong premium considerations.
“In Sheffield, 57 per cent of the leisure stock is made up of cafes and casual dining locations, the largest proportion out of all the northern cities we monitored.”