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This paper undertakes a review of gentrification and global city research to develop an appreciation of the nature of gentrification taking place in central areas of Leeds in the UK. The literature review establishes an uneven and dominant set of social, economic and cultural relations between the city-region of London and the South East with other regions in the UK. It is proposed that these sets of relations will impact upon socio-spatial developments in regional cities in the UK and will provide the dynamics leading contemporary gentrification in regional financial centres. Using Leeds as a case study, quantitative and qualitative data are presented to develop an appreciation of the internal and external dynamics driving contemporary 'developer-led' gentrification in Leeds. [ABSTRACT FROM AUTHOR]