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Once overlooked, Hull is now an
Once a city often overlooked, Hull has climbed the ranks gradually to become one of the strongest upcoming property investment markets. Initially, Hull lacked open community spaces and quality amenities. However, with the much-needed boost of funding, the underappreciated city is starting to attract investors and residents alike.
Hull started to gain more recognition following the City of Culture award in 2017. The city of Hull welcomed 6 million visitors to its city centre in 2017 whilst hosting an array of events and festivals. This exposure propelled the city taking its economy from strength to strength.
The city’s public realm is now unrecognisable, this article focuses on the regeneration of Albion Square. Once a run-down market, the area has been transformed. Residents welcome the new projects that include de-cluttered streets, durable and functional pedestrianised areas, street furniture and lighting. In addition, connectivity is also improving throughout the city. Subsequently, these factors work closely together to create prime conditions for a profitable investment.
Preserving Hulls Heritage
If you treasure rich history and heritage, you will be delighted to know that Hull has preserved much of its beautiful, historic architecture. These monumental and iconic facades have not been tampered with. Therefore, the new sustainable cityscape blends seamlessly into its fascinating history.
Earlier this year, work commenced on the impressive £96m regeneration of Albion Square. The project started with the complex demolition of derelict sites in the city centre. Contemporary spaces and leisure units will replace these abandoned and derelict buildings. Rundown buildings include the former sites of BHS and Co-Op. Demolition will take 80 weeks to complete due to the complexity. The process involves carefully removing asbestos and protecting the Grade II listed murals on the building.
The city council is working hard to retain the existing murals on the buildings and preserve its iconic heritage. Therefore, workers are carefully maintaining the Three Ships Mural amidst the demolition. The iconic Fish Mural and Sponge Murals will also be protected and exhibited at an arcade in Albion Square. However, construction within the arcade will start in 2023 and complete in 2026.
Revitalising the Public Realm
If you look closely at the plans for Albion Square, you can see the extensive works planned. The pedestrianised streets encircle the development and beautiful gardens are scattered around the area. In addition, roof gardens are included in the proposed plans, adding to the striking façade. As shoppers walk through the newly created green spaces, they are welcomed by 175 retail outlets and a brand-new ice arena. The retail park also boasts parking spaces for up to 626 cars. Therefore, those commuting further afield can drive to Hull and conveniently park whilst shopping. Improvements are also underway across Bond Street.
The city welcomes the addition of four new open spaces and, a further 14 streets have been transformed. Together, this new scope comprising over 40,000m2 of excellent quality stone and beautiful water features will enhance the community appeal. The green city, recognised as one of the Tree Cities of the World, has planted 60 mature trees around the surrounding area. Residents can relax, and visitors can now enjoy themselves in these spaces designed to host events for over thousands of people.
This striking new public realm will enhance access across the city. The new routes will allow people to easily travel from the train station to the retail spaces, including the Fruit Market. The ease of access has attracted several new start-ups to the area, boosting employment and attracting working professionals from other towns. Thus boosting the demand for housing. However, due to a shortage of housing supply, there is more competition, and this increasing demand is causing house prices to rise. As regeneration continues to take place, the value of properties will increase over time.
Home to Independent Stores
Hulls Fruit Market boasts an array of galleries and independent retailers across Humber Street. This newly reinvented, aesthetically striking street is now wrapped in street art, emphasising the energy of the creative quarter. The Academy of Urbanism has awarded Humber Street the ‘Great Street’ Award.
People are looking to Hull for a cheaper alternative to live. However, residents are not just settling for less. This city is packed with history and has a bright and prosperous future. The city centre regeneration has already had a positive effect on the economy, which has, in turn, strengthened the property market. Following the transformation of Hull, the economy grew at record levels whilst unemployment levels plummeted. As a result of the enriched facilities, the value of properties within the HU1 postcode has increased.
The transformation of Albion Square and the city centre will have a knock-on effect across Hull. Both public and private funds have been injected into this scheme. This includes £19.5m from the Government Levelling Up Fund, and £2.5m from the Government’s Local Growth Fund. If you would like to know more about this growing investment hotspot, we have broken down all the information into our CityRise City Guide | Hull Edition.
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