en.Wedoany.com Reported - The Royal Armouries has welcomed the UK government's support for its waterfront regeneration project. The support was formally confirmed by Chancellor Rachel Reeves during her keynote speech at the UK Real Estate Investment and Infrastructure Forum (UKREiiF) in Leeds.
The Royal Armouries Waterfront project has been made possible by the establishment of the Leeds City Fund, a 25-year business rates retention scheme announced in the Autumn Budget 2025. Supported by the Department for Culture, Media and Sport, Leeds City Council, and the West Yorkshire Combined Authority, the project plans to create a new riverside cultural, events, and conference venue in the heart of Leeds' South Bank, which is considered one of Europe's largest regeneration opportunities.
The development will include approximately 38,000 square feet of flexible, immersive event space and 48,000 square feet of new public realm, including food and beverage facilities, along with over 3,000 square metres of ancillary space. Plans also include a commercial opportunity to develop a 150-bedroom hotel. The project is expected to contribute £20 million in Gross Value Added (GVA) to the economy annually, support 445 full-time equivalent jobs, and attract over 300,000 new museum visitors and event attendees each year. It is also projected to unlock an estimated £240 million in combined land value uplift for Leeds South Bank.
Nat Edwards, Director General and Master of the Royal Armouries, said the Leeds City Fund is vital for the Royal Armouries to advance its ambitious project. He noted that the waterfront project represents a huge growth opportunity for the city, and the Royal Armouries will work with Leeds City Council, the West Yorkshire Combined Authority, and the private sector to deliver this state-of-the-art facility for the city.
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