Why Stockport Shouldn’t be Overlooked as an Up-and-Coming Property Investment Hotspot
12 April 2022 7489 Views
For many years, Manchester has been the number one location for buy-to-let investors in the UK. A young, professional population, strong lettings and jobs markets and low prices in comparison to London and the Southwest; has meant that property investors based both in the UK and abroad have been investing heavily in the city.
However, years of steep property price growth means that a central Manchester property investment may be out of reach for some investors. The high price tags for city centre property have seen investments with high rental yields few and far between, especially for the investor looking to purchase a new build property.
This is why Stockport shouldn’t be overlooked as an up-and-coming property investment hotspot. Just a 12-minute train journey from Manchester City Centre, Stockport is a historic town with an independent feel, benefitting from a fantastic location. The town already offers a fantastic way of life for its residents, with a plethora of independent shops and restaurants, shared working spaces and stunning landscapes on its doorstep.
With an exciting £1billion, five-year regeneration plan in place, Stockport is set to become a cool, booming new neighbourhood that appeals to young professionals who are looking for a more affordable alternative to city centre living.
Some of the main areas to be transformed are:
The west of the town into a new, green urban village
Transport, with a progressing business case to extend the Metrolink tram system to the city centre, the redevelopment of Stockport Train Station, and a new transport interchange
Housing, with 1000 new homes planned over the next five years, utilising brownfield land
The job market, with the investment set to create over 5,000 new jobs
The high street, with Stockport having been awarded £14.5m by the government’s future high street fund
The historic Underbanks area
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Initial work has commenced on Heaton Group’s new development in Stockport Town Centre. Milliners House is a new build block of twenty-two luxury apartments located at the foot of the popular Underbanks in Stockport.
Many of the apartments benefit from private terraces and balconies and the block apartments have been designed to create a sleek, modern interior scheme with a nod to Stockport’s industrial past.
Heaton Group, a Wigan-based property development company behind the build, has developed a reputation of building multiple schemes across the northwest of England.
“We enjoy bringing buildings that fit into the local neighbourhood,” Chris Holland, director at The Heaton Group, said. “Stockport has undergone significant regeneration in recent years, and this is to continue with a £1 billion programme of investment being pledged into this emerging town. We can contribute to the ongoing investment and improvements to the town and at the same time create exceptional apartments in central locations for our investors.”
Set to open in Q4 2023, Milliners House will provide much needed accommodation in Stockport. “We expect the apartments to be popular with both the buy to live market and also with those looking to invest in Stockport following the significant investment in the area,” Holland explains.
As part of the development, smart technology will be incorporated throughout the building, leading to simpler management, lower costs, and smarter rental options.