With Bradford awarded UK City of Culture 2025, it is reasonable to wonder whether now the right time is to invest in the cultural hotspot.
Through the win alone, Bradford has estimated that the district is expected to benefit from7,000 new jobs and a visitor spend of £700 million.
Alongside this visitor cashflow, the DCMS awarded £275,000 for Bradford to spend on a year of selected cultural activities- which they hope will unlock millions of rolling private sector investment for years to come.
Prime Minister Boris Johnson commented on the cultural win, saying, “investment opportunity for everyone who lives and works there.”
Being awarded City of Culture hasn’t stopped Bradford for planning far into the future, though. The district has set its sights on ‘Culture is our Plan’, a scheme that follows this win through to 2031.
Predictions for what this plan will bring to the district are the following:
· An estimated 7,000 new jobs.
· More than 16 million visitors.
· A visitor spends of £689 million.
· A Total Gross Value Added (GVA) of £365 million.
This would ultimately equate to a total return £26 profit to every £1 invested.
Bradford Council leader Susan Hinchcliffe explained, “We have already seen significant return on our investment on the bid alone - generating nearly five times in revenue against what we invested since 2019. We now expect to see this kind of support and return on our investment accelerate significantly, with an expected £26 generated for every £1 we put in.”
Another win for the city district may come in the form of rental yields. New research gathered by Property Data and Sequre Property has listed Bradford as UK’s number one yield hotspot.
The city has recently recorded rental yields of 11.6%, followed by Dundee in second with 10.1%. This isn’t uncommon, with the North East of England having consecutively recorded high yields for the past seven quarters.
As explained by Daniel Jackson, Sales Director of Sequre Property Investment, “For the seventh consecutive quarter, the North East of England recorded the top rental yield across the region at 11.9%, compared to Greater London, which generates nearly half this yield, at 4.6%.”
It seems investors should be on the lookout for investment opportunities within the Bradford area. With the growing cultural investments and regeneration plans cropping up throughout this year into the next decade, Bradford seems like the perfect place to find high yields in a still growing economy.