Landlord Voice Magazine September 2015 - Sheffield | Page 14

Making the most of a
student economy
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14 | LandlordVoice | September 2015

uring the last census Sheffield’s population
was estimated to be more than 551,000.
And more than 48,000 of those were students.
The city has long been known for having
one of the highest student retention rates in the
country but its popularity as a post-study place
to live is now fuelling a growing economy and
reviving Sheffield’s specialist industries.
Indeed, figures released by the University of
Sheffield in 2013 found that overseas students,
which amounted to 8,000 at the time, were
worth £120m to the local economy.
Paul Gibbon is director at Wake Smith
Solicitors - one of the city’s most established at
more than 200 years old.
He said the firm had seen increasing
property transactions activity during the last
two years – with interest in buying accounting
for a greater proportion of business.
“Investors have been sitting on their money
during the recession,” said Paul. “But we are
seeing more activity
now banks in the
region are lending
on commercial
property
and funding
developments as
well.
“Also, foreign
and London-based
investors are taking
an interest in our local markets. London yields
are quite low and because they are higher in
other regions we are seeing the benefit of that.
“And the sheer number wealthy foreign
students is fuelling demand for the very
high-quality residential developments we are
seeing in the city which include schemes where
investors can buy a group of pods within a
building.”
One of the most recent additions to
Sheffield City Centre is St Paul’s Place – a
missed-use office and leisure development
sandwiched between the Peace Gardens and
Winter Gardens which aims to improve office
space provision and attract inward investment
and is already home to the likes of Barclays,
Royal bank of Scotland and Three mobile
phone network.
Paul said: “Alongside the big businesses
that area is really growing as place to go in the
evenings – which also helps fuel the economy.
“We are starting to see a cyclical momentum
build now which is having a knock-on effect
with small businesses and start-ups, with more

people opening bars, restaurants and cafes in
various parts of the city.”
And one of the latest firms to pledge its
commitment to the growth of Sheffield City
Centre is Wake Smith itself.
The company is set to move out of the
Victorian mansion on the city’s outskirts where
it currently resides and take up an office at the
recently-built Velocity Village, where modern
office space will allow it to create efficiencies
and enable its continuing growth.
Other areas which have seen the benefit of
Sheffield’s burgeoning student economy are
advanced manufacturing and creative and
digital industries.
Sheffield’s historic specialism within the
steel industry is supported by the University of
Sheffield’s Advanced Manufacturing Research
Centre, which enables local companies such
as Forgemasters to stay at the pinnacle of
engineering in the steel industry.
While the University
of Sheffield’s Advanced
Computing Research
Centre helps tech
companies research
areas such as big
data, simulation and
software testing and the
University Technical
College works with
digital creative firms to
bring out new talent.
Sheffield’s digital creative sector already
has a long history with the likes of Gremlin
Graphics dating back to the 1980s and in 2015 it
continues to flourish.
Companies such as WanDisco, Sky Bet and
HSBC make use of its large talent pool, while
start-ups have made their homes at purposebuilt facilities such as Electric works and the
Workstation, where like-minded individuals can
come together and share ideas.
Paul said: “By developing innovative ways of
manufacturing Sheffield is helping to increase
our national exports quota but this industry is
also stimulating the city’s digital creative sector.
“With the right funding and investment this
will continue to grow – the support framework
from the local authority is already there and
there are lots of entrepreneurs on-hand who are
able to advise and help these companies nurture
it.”
To find out more about Wake Smith visit
www.wake-smith.co.uk

“We are seeing more
activity now banks in the
region are lending on
commercial property and
funding developments as
well.”

September 2015 | LandlordVoice | 15