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Nottingham is one of the fastest-growing cities in the UK, with a huge property price growth of 10.9% in 2022. Growth outside of London has been partially driven by the post-pandemic changes to working lives, with many working remotely. This has led to an increase in property value in cities with great quality of life, top amenities, and good transport links.
Nottingham offers residents a great standard of living at a fraction of London’s cost of living prices. The commute for those working for London-based businesses is around 90 minutes, making it an ideal commuter city. The city has built a great local infrastructure. As a result, the city council can now invest in the future of Nottingham, with one of the UK’s largest regeneration projects.
£58mNottingham City College
The Island Quarter regeneration is a project which will transform Nottingham’s waterfront. Phase 1 of the scheme has been approved and will include a 2,000 sqm three-storey pavilion. This features two restaurants and a 500 sqm event space with panoramic views and a striking rooftop terrace. Furthermore, plans also include a bandstand and a canal basin area.
The formerly derelict site will include a mixture of office space, luxury living and high-quality amenities. Plans were designed to complement the architecture of the city, to create a seamless and enjoyable experience for residents. The project aims to enhance what Nottingham has to offer residents of the city centre and surrounding areas.
The city centre area was once known for its shopping centre which closed in 2020, following the pandemic. Upon completion of the £250m Broadmarsh redevelopment of the city centre and surrounding areas will vastly improve. The plans include a vibrant parking space, all new transport links, an improved Nottingham castle visitor experience and a City College hub. Areas will be lined by trees, local art, landscaping, cafés, and majestic views of the castle. The project is expected to create up to 3,000 new jobs.
The site which once was home to the shopping centre will be transformed into a green space. Nottingham Council will see the area the size of the city’s football stadium reimagined into an open green space, with plants and natural elements. In addition, the UK’s largest bench will be installed, stretching the entirety of the new area. As a result, visitors will be able to experience the tranquil space together.
Nottingham City College opened its doors for the first time in 2020, during the early stages of regeneration plans. The state-of-the-art development consists of an impressive six storeys and enrols over 2000 students. The development is a £58m investment into the future and education of Nottingham, one of the largest investments of its kind.
Specialist courses provided include technology, science, tourism, hospitality, digital media, and business. Education is highly important for the local economy as it means more businesses and skilled professionals will grow in the area. Therefore, having a positive influence on employment rates in the area. In fact, the college boasts an impressive 93% of students in employment or further education within six months of leaving.
Situated opposite Nottingham University, the Science Park is part of the D2N2 Enterprise Zones. Already home to some of the most innovative businesses in the UK, the development has an extra 5 acres of land which will expand upon the current park. The project began in 2019 and has introduced a new three-storey office space used for research and development purposes.
The development will also bring meeting facilities, event spaces and cafes to the area. The goal for this is to provide a platform for people in the science industry to meet and share expertise. As the park is located across from the university campus, the goal is also to increase the student retention rate. This is vital as it increases the city’s population and brings with it quality tenants, which boosts the housing market. Consequently, rental demand will remain steady in the area as students continue to enrol, this will eliminate the potential risk of void periods for landlords.
Nottingham is one of the most exciting investment cities in the UK right now. Especially as it is amongst the strongest cities for property price growth, with 10.9% growth in 2022. The regeneration and expansion of key areas will see property prices increase and rental demand grow. Nottingham was one of the areas highlighted for the highest rental yields in 2022, this is expected to continue as regeneration projects take effect and the desirability of the city grows. Rental prices have grown by 11.9% in the past year, with the average rental cost being £851 PCM.
Nottingham is a prime area for investors, as it has seen year-on-year growth over the past few years, including the massive 10.9% growth in average property prices in 2022. As a result of the regeneration projects, investors will be keen to enter the city to gain from the high rental yields and strong capital growth. The huge investment made into Nottingham and the number of jobs created will cause an upwards trend in property prices and rental demand.
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