Hospital development forecast to bring even larger boost to regional economy
Plans for the “Innovation Village” – a city centre science park in Leeds – will help to create 4,000 new jobs, over 520 more homes, and an economic boost of nearly £13bn, according to an independent forecast by PwC.
The figures revealed by Leeds Teaching Hospitals show an uptick of 1,000 more jobs and a £1.5bn extra GVA than was estimated in 2019 in the scheme’s early concept phase.
These revised estimates follow the development of a new massing masterplan for the proposed ‘Innovation Village’ at Leeds General Infirmary (LGI), which reveals there is one million sq ft of new buildings and existing assets proposed for redevelopment on the site.
The Innovation Village will be born out of five hectares of land and existing buildings, unlocked by the investment in Leeds’s new hospital building at Leeds General Infirmary.
It will become a global centre of excellence for healthcare technology and is a key part of Leeds City Council’s economic and spatial vision for inclusive and economic growth – the “Leeds Innovation Arc”.
The regeneration of the surplus estate will begin when the Old Medical School becomes available for redevelopment in early 2024 upon the completion of the Trust’s new state-of-the-art Pathology Laboratory at St James’ University Hospital.
Dame Linda Pollard, chair at Leeds Teaching Hospitals, said: “The Government’s planned investment in Leeds will not only create state-of-the-art healthcare facilities, but it will help ‘Level Up’ the North of England by creating new jobs and support economic growth.
“Next year is going to be an exciting year, as we will see the completion of the new Pathology Laboratory, which really is the starting gun on the transformation of Leeds General Infirmary.”
James Mason, chief executive of West & North Yorkshire Chamber of Commerce, welcomed the revised economic figures and said: “This is without a doubt one of the most exciting regeneration schemes in West Yorkshire and these new figures really show just how important the scheme is for the future prosperity of the region.”
Henri Murison, chief executive of the Northern Powerhouse Partnership, said: “These plans for an Innovation Village at the heart of Leeds’ Innovation Arc are testament to the North’s growing strength in R&D in health and life sciences.
“We know health outcomes are closely linked to economic prosperity. This long-term capital investment for Leeds will help both sides of the equation, creating a virtuous circle which supports a healthier, wealthier population.”
The Trust is targeting completion of the new hospital building at LGI before the end of 2028, although this remains subject to when the Trust is granted approval to proceed.
