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Albion Square is undergoing a £96m upgrade, making use of existing structures and building upon vacant floorspace. The project includes a mixed-use space, residential offices, and retail spaces. The regeneration project will create an estimated 386 skilled jobs in Hull. This is a part of the city centre restructure which will incorporate new workspaces. Hull offers lower-priced office space in the North, as a result, the city will attract more businesses from further afield. This will contribute towards the creation of a new business hub.
Following the closure of key retail units, the city council acted quickly to buy up closed department stores. These units will be repurposed into new apartments and office spaces, moving more businesses and skilled professionals into Hull’s city centre. These plans are due to complete in 2026 and will introduce 226 new homes. The creation of jobs in the city will see an influx of skilled professionals. As a result of this, rental demand will climb in the area.
Additionally, the Albion Square plans aim to coincide with the city’s plan for net zero carbon emissions. This will be achieved with a new park, electric vehicle charging points, a bike hub, solar panels and rewilded areas. Furthermore, residents have become more conscious of climate control and support their city councils’ aims of reaching carbon neutrality.
Reaching net zero carbon emissions is a goal set across many UK cities which will see the quality of life improve in major cities. Tourists and residents will also be able to take advantage of green spaces, such as urban parks. This gives residents and professionals in the area more spaces to meet, network and connect.
Work is underway to transform Hull’s public transport sector to improve connectivity in the area. This has been broken down into three different areas; rail, road, and waterway. The aim is to reduce congestion by improving the network infrastructure, which will reduce carbon emissions and improve the quality of life for residents. Additionally, the city council has implemented plans to improve walkability and cycling around the city.
Connectivity is vital for UK cities as many workers are now in hybrid or remote roles but require transport between different towns and cities. Transport links also support large tourism levels, which in turn boosts the local economy. In Hull, tourism levels are high due to The Deep aquarium which attracts over 450,000 visitors each year.
Hull is aiming to become the UK’s latest smart city, taking inspiration from the 15-minute city concept. This has become a popular urban development concept across the UK, to improve connectivity and help grow the local economies. The scheme aims to introduce key amenities across the city, to reduce congestion in the crowded city centre. As a result, investments will be distributed far more evenly across the city, including suburban areas.
Residents will benefit from the project as it supplies the city with more quality local amenities, schools, shops and more. Furthermore, major UK cities have been criticised for lack of funding outside of the city centres. However, as the city centres have become self-sustainable, they are looking to broaden funding available to suburban areas. Furthermore, city centres are becoming far more crowded and as the population rises further, amenities must be available to residents in non-central areas.
Whitefriargate is a beloved, historic district that includes 33 listed buildings. The buildings will be refurbished and maintained to a high standard, allowing a range of uses year-round. This will be a boost for the local economy in Hull by generating income within the city. The buildings will be licenced to property developers to be transformed into luxury apartments, including the introduction of key amenities.
The project aims to take advantage of unused floor space, with the creation of an event space. This will offer increased footfall to the historic area. The aim will be to provide extra employment opportunities to residents of Hull. Additionally, the project states the desire to support local creatives to exhibit work in the area.
Hull has become one of the UK’s most exciting investment hotspots, with great amenities available to residents. The low property prices and high rental demand has created a perfect storm for investors. According to Zoopla’s latest market report, average property prices are £162,000 and average rental prices are around £700pm.
Demand is high in Hull and with the implementation of new regeneration projects, creating more jobs and improving amenities available, prices will rise. In the past decade, house prices have doubled in Hull. Since property prices are affordable in Hull compared to other northern UK cities, investors are able to get in with a smaller deposit value. Alternatively, it is a profitable investment for investors buying with cash or a lower loan-to-value mortgage.
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