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After an unprecedented and troublesome year, the country is looking to build back stronger than ever. One element to this is injecting millions of pounds into large-scale regeneration projects. Therefore, in an attempt to revitalise and breathe air back into cities, regeneration projects have been popping up all over the UK. Investors should be on the lookout for these regeneration projects.
One sure-fire way to try and maximise the capital appreciation of your property is through investing in an area that is subject to significant urban regeneration. There are plenty of projects in the pipeline that every investor should know about. In particular, we have chosen the top five regeneration projects currently happening in the UK that will make the cities unrecognisable from what they are now.
3,000 new homes
8,000 new jobs
Birmingham’s £1.9 billion Smithfield project has led to Birmingham being described as “the most exciting and important city in Europe”. The project will inject life into a mixed-use neighbourhood on the banks of Digbeth canal, playing a part in the development of a new restaurant and bar scene. Part of the ‘Big City Plan’, Smithfield will also be the home of Birmingham’s Bullring Markets, as well as creating 3,000 new, high-quality, and sustainable living spaces. The plan seeks to revitalise and reimagine some of the city’s unutilised areas, completely transforming the face of Birmingham. Since 2019, the city has been on the rise. Uplifted by its young, diverse population and vibrant business sector, Birmingham has shown resilience in the face of the pandemic. With several projects in the pipeline, the city is becoming a favourite amongst investors as an underappreciated hotspot.
430,000 sq metres
20 storeys high
Yet another Northern Powerhouse, Manchester, has been performing exceedingly well in recent years. One of the main reasons for this is the Spinningfields project. Known as the ‘Canary Wharf of the North’, the £1.5 billion project is home to 150 world-class financial and commercial organisations.
Also, spanning over three decades, the Spinningfields building will be one of the tallest in Manchester – 20 storeys high. As a result, Manchester has become a beacon in the North-West, attracting major businesses and residents alike, and producing the second-largest regional economy in the UK.
10,000 new jobs
2m sqft of office space
Liverpool is currently undergoing a renaissance period. A £14bn regeneration project, going towards the redevelopment of the iconic waterfront.
In the next five years, the project will deliver 10,000 new homes, Everton FC’s new stadium, a new cruise terminal, a new media hub, £250m of road infrastructure and 2 million sqft of commercial office space. Significantly, the project will change the face of the run-down dockland zones, allowing the city to prosper in economic growth.
Carbon neutral by 2028
New City Hub
Nottingham has fantastic investment potential. This will only be boosted by the large-scale regeneration projects that will modernise the city centre. The Southern Gateway project being the most significant, as it will revitalise the beloved Broadmarsh area. It will see the development of friendly green spaces and make the city accessible to outlying areas of Nottingham and centralise around the city centre. Also, this is in the hope that Nottingham will be a carbon-neutral city by 2028. The new Nottingham College City Hub has sparked a lot of interest amongst investors, consisting of six storeys of state-of-the-art facilities and resources for more than 2000 students and nearly 300 staff. Therefore, Nottingham is quickly becoming a culturally appealing city for residents, visitors, and prospective students. Demand is already beginning to rise thanks to these worthwhile projects.
£500m regeneration project
35,000 new jobs
8,000 new homes
Last but definitely not least, Leeds. Leeds Southbank project is set to double the size of the city centre, spanning the size of 350 football fields. Expectedly, the regeneration project is one of the largest in Europe. The project is extremely expansive and includes the revitalisation of the Holbeck Urban Village, The Climate Innovation District, and The Majestic building. Also, The Iron Works will see the creation of 68 new energy-efficient apartments, townhouses, and penthouses. As a result, it is no surprise that Leeds has enticed nearly 10% of London leavers as it is quickly becoming one of the most exciting buy-to-let hotspots in the UK.
Emerging regeneration hotspots provide the potential for investors looking to diversify their portfolios and explore new markets. Investors can get ahead of the game by capitalising on this potential while prices are lower than usual. Especially in the cities listed, compared to the rest of the UK, they all boast lower than average property prices. As a result, your property will see significant capital growth.
As an investor, you should be looking out for large-scale regeneration hotspots that are in the pipeline. By the time the regeneration project is finished, the area will already be trending. Hence, you must look for areas on the cusp of completion. Investing at the early stages of a long-term venture offers great potential for an increase in property values and solid rental returns.
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