Liverpool’s Kings Dock set for major redevelopment
23 October 2014
Ray Withers, Chief Executive of specialist property investment company Property Frontiers, says Liverpool is the place to head to for the most exciting buy-to-let investment opportunities.
“Liverpool is known across the world for being the birthplace of the Beatles and for its role in revolutionising the music scene,” Withers explained. “Beatles attractions still draw tourists to the city today - the 2012 Liverpool Digest of Tourism Statistics listed two Beatles attractions (Beatles Story and Beatles Magical Mystery Tour) in the top ten paid attractions in the city, bringing a combined total of more than 250,000 visitors to the city in a single year.”
He added: “Of course, Liverpool itself has moved on somewhat since the Beatles first focused the world's attention on it. A modern, dynamic city, it is packed with young professionals seeking to make their fortune from the plentiful job opportunities available there.”
As part of an ongoing regeneration and modernisation programme, Liverpool City Council has revealed plans for the Kings Dock area to undergo a £1.5 billion redevelopment. Thousands of jobs are set to be created as a result of the scheme. To coincide with this, the first phase of the Anfield stadium redevelopment has also recently been confirmed, with planning consent given for work on the new £75 million main stand.
Liverpool’s buy-to-let sector is becoming increasingly attractive to investors, with a new breed of young professionals seeking out high-quality, well-located housing.
“With Liverpool's lettings market performing strongly and continuing to expand, sales momentum "exploding" into life and new rental/sales developments springing up across the city and the forthcoming investment in PRS (Private Rented Sector), the future is indeed looking particularly bright,” Alan Bevan, Managing Director of City Residential, said.
Now would appear to be the perfect time to buy into Liverpool’s thriving private rented sector, with data from Liverpool City Council’s Chief Executive's Policy Team in 2013 showing that 23.4% of households rented from a private landlord, in comparison to a national average of 16.7% across the rest of England and Wales. In 2001 the figure was just 13.1%, which highlights the swift growth of Liverpool’s private rented sector.
Taking advantage of the current market conditions, Property Frontiers has launched a new project in Parker Street, the heart of Liverpool’s city centre. The new buy-to-let opportunity will see a 1930s Portland Stone building – formerly a ballroom that played host to John Lennon’s wedding reception – converted into luxury studio suites and one bedroom apartments. Panoramic views from the upper floors will combine with high end design to provide the very latest in modern city living appeal.
A 12 month build schedule has been put in place for the ambitious plans, with investment opportunities available from just £64,950 with 6% net yield assured for 5 years.