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The Heart of the City regeneration project will transform Sheffield by:
Sheffield’s regeneration will capitalise on the government’s £37 million Levelling Up Fund. Alongside the upcoming Integrated Rail Plan upgrades which will cut journey times between Sheffield and London to just 87 minutes. Therefore, providing enhanced connectivity for workers across the UK, with regular and efficient services. Furthermore, the upgraded network will benefit residents looking for a leisurely commute, all whilst boosting desirability for property investors.
Sheffield is set to host a brand new Roxy Ball Room as the latest addition to the £470 regeneration scheme. Alex Hyams, Strategic Development Partner on Heart of the City said, “The addition will bring a sense of character and personality to the city centre, enhancing social appeal to those moving to the area or those residing already”.
Additions like Roxy Ball Room will likely entice younger occupants to move to Sheffield, whilst slowly increasing the population over time. A growing population indicates higher rental demand. Interestingly, levels of tenant demand are 32% higher than this time last year, however, the number of available properties is 51% lower. Therefore, a supply-demand imbalance can push property prices up and therefore tenants are also more likely to remain in the rental market for longer as they struggle to climb the property ladder.
Another noteworthy phase within the Heart of the City scheme is the construction of Pound’s Park.
Pound’s Park is a new public space landmark in Sheffield City Centre, which started construction in late March 2022. The city park will provide an expansive, accessible green space for walking, cycling, outdoor events and more. The concept of city centres continues to change rapidly.
Public spaces and green landscaping play a pivotal role in enhancing wellbeing and sustainability. Forecasts are suggesting that cities will continue to grow in population, especially among baby boomers and millennials. Upgraded city parks and large-scale regeneration schemes will attract residents and investors to the area. City parks can eliminate the threat of tenants wanting to rent houses with gardens outside of cities. Instead, it eases the hesitation of those living in apartments as they have outdoor space nearby. This can increase the term length of tenants, therefore minimising the risk of a vacant property for landlords.
Overall, a mixture of quality high street and premium brands will be welcomed to the city centre through the regeneration scheme. The scheme aims to drive new businesses to the city, whilst complementing existing provisions, but adding in brands that offer something new.
Historic buildings will be left well-alone during the redevelopment, as they are critical to Sheffield’s character and uniqueness. An additional side project ‘ReNew’ will provide grants of up to £50,000 to businesses in Sheffield. These grants will help to revive empty spaces on the high street and bring vibrancy back to the area. Businesses had up until the 22nd of May 2022 to apply for the grant. Following the detrimental impact of the global pandemic, Sheffield’s willingness to support local businesses will go far and wide.
By creating a new, thriving environment, Sheffield’s hopeful population growth will drive housing demand. As a result property prices will inflate, due to increased competition. This is due to levels of housing demand rising faster than the rate of properties being built. Therefore, it is a great time to invest in property especially as Sheffield’s property market is still affordable.
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