The North is Rising: Why GCC Investors Are Looking Beyond London

For many years, London has dominated conversations around UK investment. It remains a global financial centre, offers a mature legal system and continues to attract significant international capital. For Gulf families and family offices, it has long been the obvious place to establish and grow UK property holdings.

However, over the past quarter, we have noticed a clear increase in enquiries relating to opportunities outside the capital. Manchester has been at the recent forefront of that interest, with Leeds and Newcastle also attracting attention from GCC investors who are becoming far more familiar with the regional UK market than they were even a few years ago.

Many of the families we advise are already well exposed to prime London property. Their focus is now shifting towards building broader UK portfolios that balance established assets with cities benefiting from significant public and private investment, expanding populations and long-term economic growth.

Manchester is perhaps the clearest example. The city has undergone sustained transformation over the past two decades, supported by substantial regeneration projects, investment in transport and connectivity, a thriving university sector and an expanding technology and professional services economy. Much of that momentum was built under former Greater Manchester Mayor Andy Burnham, whose vision of a more economically balanced UK placed Manchester at the centre of the national growth agenda. As Burnham now looks set to become the UK's next Prime Minister, his proposal for a "No. 10 North" reflects a broader shift in political thinking: that future economic growth cannot be driven by London alone, but must also be powered by the UK's regional cities.

For International private wealth clients, regional acquisitions are rarely viewed as isolated property transactions. More often, they form part of a wider strategy focused on preserving wealth across generations, diversifying geographical exposure and investing in jurisdictions that offer legal certainty and long-term political stability. Regional UK cities present an opportunity to access markets that many investors believe still have considerable room for growth while remaining within a legal framework they know and trust.

Recent geopolitical developments have also played a role in shaping sentiment. Following the signing of the US-Iran agreement, we have seen renewed interest from some Gulf investors looking to progress UK opportunities that had previously been approached with greater caution. At the same time, heightened tensions elsewhere in the region serve as a reminder of the importance many family offices place on international diversification. While regional events inevitably influence timing and investor confidence, they have not altered the longer-term attraction of stable overseas markets such as the UK.

As portfolios expand beyond London, the legal advice required becomes more sophisticated. Acquisition is only one stage of the investment life cycle. Families are increasingly considering how assets should be owned across multiple jurisdictions, how financing should be structured, how future succession will be managed and how governance arrangements can evolve alongside growing portfolios. Tax efficiency, family constitutions, holding structures and cross-border estate planning are becoming integral parts of the investment conversation from the outset rather than issues left until later.

Looking ahead, there is every reason to believe this trend has further to run. The UK's regional growth agenda has gathered momentum over successive governments, and continued investment in infrastructure, housing and commercial development is likely to strengthen the appeal of northern cities for international investments. For experienced investors, the opportunity lies not simply in identifying the right asset, but in recognizing broader structural shifts before they become fully priced into the market. 

For Middle Eastern family offices, the conversation is no longer confined to Mayfair, Knightsbridge or Belgravia. Some of the most interesting opportunities are now emerging several hundred miles further north. Smart money is often deployed before a trend becomes obvious. For many Gulf families, the question is no longer whether to look beyond London, but where. As Manchester, Leeds and Newcastle continue to attract investment and political attention, the North's growth story may prove to be one of the most compelling UK opportunities of the coming decade.