The regeneration of Britain’s high streets is being significantly boosted by property investors, according to international investment consultancy BuyAssociation.
Its figures suggest that investors and developers have been joining together to refurbish prime high street shops abandoned by local businesses.
In addition to regenerating high streets in towns and cities across the UK, BuyAssociation believes that the trend also has another major benefit – namely addressing the country's current housing crisis.
A substantial rise in investor-backed renovations in established locations has been tracked by BuyAssociation, with the firm reporting that these developments are typically selling out quickly thanks to a high level of buyer interest, especially in the north of England.
The consultancy says that its Stone Cross House development in the central Churchgate area of Bolton is the latest to appeal strongly to residential property buyers. Some 30% of the units have already been reserved within the first month of release. The development is a conversion from commercial office space into 61 residential flats.
Read here to find out more about this property investment opportunity, which offers properties from £85,000, potential rental yields up to 7.04% and an estimated renovation completion date of Q2 2020. Bolton, Europe’s largest town and just 20 minutes by train from Manchester, currently has the perfect combo of low property prices and a growing population - making it an ‘ideal opportunity for investors seeking a low entry point with huge potential for the future’.
It’s a town which is becoming increasingly popular among young professionals, while millions of pounds in investment is helping to attract new inhabitants and create hundreds of new jobs.
BuyAssociation has also experienced success in nearby Preston, where two of the company’s most recent city centre conversion developments have sold out.
The projects - The Sorting Office, a converted post office, and Station Terrace, a commercial conversion - are in a city that has been making headlines for its unique approach to regeneration, with approximately £434 million set to be invested into the area over the next decade.
For BuyAssociation, the success of these regeneration projects adds to the 148 units sold in similar regional commuter locations by the firm in the past year.
“Property investment does not need to involve clearing vast areas and replacing them with glamorous skyscrapers,” BuyAssociation’s Sam Hadfield said.
“Investing in a conversion in an established area means that all the fundamentals are there, the infrastructure is already in place, while construction times are also generally much shorter. There is often an established rental community in these areas as they are in existing neighbourhoods, often in prime central locations, while price points can be lower, too."
Jennifer Edmonstone at developer The Heaton Group added: “Bolton has a lot going for it. It’s only a 20-minute commute to Manchester city centre, and the existing local economy and rental demand is strong. Stone Cross House, with its affordable price points under £125,000 and short renovation period, makes for an attractive opportunity.”