East Midlands – the latest news and developments
6 Jan 2020
Whether you’re a property seller or investor, it’s important to know the local market of the area that you’re operating in.
Recently, we analysed the property landscape in the top North West areas. This time we put the East Midlands under the microscope to see what property news and developments are set to take place over the next year.
Nottingham: the buy-to-let hotspot of 2020?
Alongside its popular links to the legend of Robin Hood and its lace-making, bicycle and tobacco industries, Nottingham has now been highlighted as a potential buy-to-let investment hotspot for 2020.
The East Midlands city came seventh in a SevenCapital’s UK league table for its array of amenities, variety of areas that are popular for investment purchases, and close proximity to two major universities.
Its infrastructure is well-developed, offering opportunities in and around the city centre.
The local property market is witnessing demand from both professionals and students and providing strong rental yields. In fact, prices have risen by over 200% since 2000.
Regeneration of Nottingham’s city centre is also set to improve desirability. The redevelopment of intu Broadmarsh is expected to see new retail outlets, while a new HM Revenue and Customs centre is due to relocate to Nottingham, creating up to 4,000 new jobs.
What’s more, relatively affordable housing in the city, means its popular with tenants and first-time buyers while landlords can expect healthy returns from their investments.
Regeneration plans in Derby scaled back
Developers behind the £200 million scheme to regenerate the Becketwell area of Derby have indicated that they will reduce the scale of the residential accommodation.
The original plan, which was submitted by St James Securities, would have been Derby’s tallest building at 19 storeys, accommodating 246 apartments, flanked by a nine-storey building with 96 apartments.
Now, though, the larger building will be reduced to approximately 224 apartments over a maximum of 11 storeys, while the second smaller building, fronting Green Lane and Victoria Street, will be five storeys and will be developed separately.
The new multi-purpose public square on the site of the current United Reformed Church will continue to be delivered as part of phase one. The existing planning application is currently being amended and will continue to include a detailed application for the new square but with an outline application for the two revised buildings.
The rest of the submitted planning application, which includes a range of other complementary uses of the site – including up to 25,000 sq metres of new grade A offices, innovation centre and a planned multi-storey car park with a smaller more intimate courtyard public square – remains the same.
The details for the redesigned element of the residential scheme will be presented at a future meeting, which is likely to be late spring.
Leicester’s riverside development to deliver
The majority of homes on a new development by the river in Leicester will be housing association properties.
The affordable homes – which will be managed by Nottingham Community Housing Association – will form part of the five-acre Abbey Meadows neighbourhood on Wolsey Island, a strip of land between Abbey Park and the National Space Centre.
Resting on an island formed by the Grand Union Canal on one side and the River Soar on the other, the site is part of the larger regeneration area along the river.
The other homes in the latest batch of properties announced by Abbey Meadows will be available to rent, but will be let and managed by GS Residential.
Abbey Meadows will be made up of two, three and four-bedroom family homes. Work is set to begin in March next year, with the first homes expected to be completed by winter 2021.
Lovell Partnerships will design and build the 82 homes within the £10 million development area.
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