Preston has been the target of massive investment and redevelopment over recent years. Often touted as a hotspot for property investors, there’s more expansion for the city in the pipeline.
Built Environment Networking will host a virtual event today to highlight the opportunities and plans underway in Preston. The event will include networking sessions as well as discussions and presentations from guest speakers.
It will also provide an opportunity for Preston City Council to launch its new City Living Preston Brochure. The publication will showcase 28 development sites in the region, and the council hopes to engage with business involved in the regeneration of the area.
Big plans for the city
One of the biggest transformations taking place in the city is the Stoneygate masterplan. The 25-hectare “urban village” will deliver major economic growth to Preston. It forms a big part of the council’s plans towards its City Living Strategy, and the council is inviting investors to find out more about the area’s vision and how they can become involved.
The webinar will also feature talks from representatives from the University of Central Lancashire (UCLAN). There will be a discussion of the campus’s £200m regeneration plans over the next 10 years, looking at how this will help to reshape the city and attract even more investment and businesses. Maple Grove Developments, the Heaton Group and Hive Land and Planning will also outline their investment opportunities in Preston.
Government Towns Fund could unlock more in Preston
Preston is one of 100 towns and cities in the UK bidding for a share of the government’s Towns Fund. It hopes to secure £25m funding which it will put towards nine potential projects. If successful in this round, the city will go through to the next part of the application where it will need to provide more detailed proposals.
Some of the ideas Preston has put forward include a Youth Zone for young people between eight and 19 years old. It has also proposed a revival of the Harris Quarter, as well as a project to enhance public spaces for events. The council also proposes increasing the city’s capacity of community cultural projects and health and wellbeing.
Priperty investment in Preston
As Preston continues to become a more attractive place to live and work, this is having a knock-on effect in investment. Property investors are drawn to the area for a number of reasons, including low house prices, high rental demand and ongoing regeneration.
Preston was named the best city to live and work in the north-west for three years running by PwC. A survey by GoCompare also listed the city as the most gentrified in the UK.
In terms of buy-to-let prospects, it achieved around 7-8% rental growth between 2018 and 2019, according to Eastham’s & Co. It also ranks extremely highly in terms of rental yields in TotallyMoney’s analysis. At present, Zoopla estimates the average property value there is around £184,522, well below the UK average.
In a comment on the Preston property market, Residential Estates business and marketing manager Jason Guest said: “The thriving student population and excellent transport links in Preston, as well as the planned investment and regeneration, means this north-west city really is a spot worth considering for property investors.
“If you’re an investor looking for low property prices with high rental yields, you need look no further than Preston.”