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An Award-Winning Regeneration Scheme
The award-winning Grey to Green scheme has transformed the city whilst committing to its sustainable initiatives. In fact, September 2020 marked the completion of the second phase, by connecting Castlegate to Victoria Quays. Floral meadows, art installations, cycle lanes and innovative sustainable drainage surround the newly transformed area. Thus, converting the redundant inner ring road into a beautiful, blossoming corridor.
Ultimately, people are striving towards a sustainable lifestyle. Although some buyers look to purchase eco-friendly properties, many also consider the environmental aspects in the surrounding area. As a result of the regeneration schemes, residents can now enjoy traffic-free public spaces to and from Sheffield city centre. Therefore, providing ample room for community events and taking a step towards a greener future.
To transform the Castlegate area, Sheffield City Council approves plans for a new development, spanning 39-storeys high. The new development, Kings Tower, will replace the former high street store, Primark. Retail units are not the only structures facing renovation. Sheffield University’s centre for Faculty of Social Sciences is also being redeveloped. Over 10,000 international students attend 2 of Sheffield’s world-class universities. Improving areas on campus will ultimately attract more students to the city and boost rental demand.
As a result of the pandemic, plans to extend the Meadowhall Shopping Centre have been revised. The amended proposal reflects the surge in online shopping over the year. In place of the initial £300m extension, the centre will see a smaller £150m revitalised leisure hall. The redevelopment will welcome new shops and food courts, supporting around 1,560 new jobs. Property investors and developers will benefit greatly from the new centre. The scheme will attract a pool of workers and increase the demand for accommodation. An influx of workers will also result in low vacancy rates in developments.
Of course, exciting times lie ahead for property investors as the city progresses through phase 2 of the incredible £470 million projects. The Steel City will witness 1.5million sq ft of redevelopment in the area. Aiming to revive the city centre landscape. The phased approach will provide maximum flexibility to adapt to any sudden market demands. The Peace Gardens and Winter Gardens have been successfully restored along with the city’s tallest building, St Pauls Tower.
For investors looking to secure a profitable asset in an area with increasing rental demand – look no further. This master plan, set to complete in 2024, will deliver around 7000 new jobs. Consequently, increasing employment rates and boosting the local economy. As a result, capital growth in the city will accelerate upwards. The already flourishing property market is set to prosper with the surging demands.
A Boost in Confidence for
The ever-evolving property market of Sheffield is a direct reflection of its booming economy. Sheffield is a growing business hub allowing people to connect and collaborate. Successful regeneration schemes in the centre have boosted the confidence of regional and international investors. As a result, the city attracts huge funds and is home to world-renowned brands, including the largest aircraft manufacturer, Boeing and the McLaren Automotive factory. It is also home to Rolls Royce, a business giant contributing £12.2bn to the UK economy.
The bustling city is constantly generating exciting opportunities for workers. Research-led facilities, listed below, employ professionals across the divisions of aerospace, transportation and healthcare.
Now as we all know, speedy internet is all-important. Homebuyers search for properties in areas with fast, affordable and reliable broadband. Superfast South Yorkshire (SFSY), is delivering a brand-new broadband infrastructure to South Yorkshire. The installation will no doubt continue to attract masses of businesses, from start-ups to established brands.
Economic activity is expected to increase to £3.7bn in the next decade. Great news for developers and investors alike, who are looking to delve into a prime investment location. Furthermore, purchasing a property amid the regeneration of Sheffield will result in a higher ROI in the coming years. As a result of a growing economy and increasing property prices.
Catalyst for Sustainable
The High-Speed Rail will catalyse sustainable economic growth in the area. Sheffield city centre will connect directly to HS2 allowing commuters to reach London in only 40 mins. Travel times to Leeds and Manchester will also reduce to just 30 minutes with the updated Northern Powerhouse Rail services. Not only will this expand business prospects, but it will spike rental demand. Above all, Sheffield is one of the most affordable places to buy property in the UK. For instance, there is a stark difference of £493,066 between property prices in London and Sheffield. Therefore, as the London exodus continues, we predict property prices and rental demands in areas such as Sheffield will inflate.
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