Preston is one of the UK’s best investment markets with massive potential for the future. It has all the ingredients needed to make Preston property one of the most desirable buy to let commodities available on the market – a growing population, booming economy, and significant inward investment underway.
We have written previously about the large-scale investment masterplans that are re-shaping Preston and are the basis of its transformation. Since those projects all began, the city has been the beneficiary of a whole range of different projects which are building on that foundation and adding even more to Preston’s future.
In this article, you can read a round-up of those projects, and see more about what makes Preston such a prime investment hotspot.
£5bn Cyber Force HQ
The UK’s new £5bn cyber force HQ will be built next to Preston – creating more tech job opportunities in the region for thousands of highly skilled experts alongside further significant investment opportunities.
This development will further cement Preston’s status as one of the country’s leading tech hubs and bring thousands more highly skilled jobs to the city by 2030, leading to a wide ranging and lasting impact on the economic fortunes of the city.
The number of digital jobs in the city grew 53% between 2018 and 2020, and the additional demand for skilled workers has had a direct effect on advertised salaries. The medial salary for digital tech roles was £33,500 up from £32,500 two years earlier. Developments like the Cyber Force HQ will only reinforce that trend – providing an exceptional opportunity for investors as demand for luxury housing increases.
Read more about how the new £5bn Cyber Force HQ by clicking here
£40m leisure and entertainment complex
The exciting new development, Animate, will be located on the site of the former indoor market and feature an eight-screen cinema and bowling alley along with five new restaurants and bars, a street-food hub, car park and a new public square.
It is anticipated that, on completion, the scheme will deliver more than £7m of economic activity annually, and create more than 120 full time jobs for Preston. This development will enliven the city centre and make Preston an even more attractive place to live.
Councillor Matthew Brown, Leader of Preston City Council, said: “The new development will breathe life into the city centre and reinforce the Harris Quarter as a premier cultural and leisure destination in Lancashire.
“Developments like this show that we remain ambitious in our plans to develop the city centre and bring investment and jobs to the people of Preston supporting our local economy.”
Read more about Preston’s new £40m leisure and entertainment venue by clicking here
Transport and connectivity improvements
Transport infrastructure improvements are the lifeblood of any growing city. Improved connectivity attracts businesses which bring highly skilled jobs. It also makes it a more attractive place for people, who will be more tempted to move to a city.
Preston has several major projects underway which will are improving its transport infrastructure for the future, and helping to ensure that the city continues to grow in a sustainable way.
Locally, Preston has received £14.7m of the Transforming Cities Fund which it is funnelling towards two areas: Friargate North and Ringway.
The investment will add cycle lanes, outdoor furniture under dozens of new trees and new pedestrianised areas. The benefits of this scheme are numerous and include improved air quality, safer roads, better environmental credentials, and a boost for Preston’s city centre and high street retail.
In this way, the investment will ensure that people can enjoy a happier, healthier lifestyle in Preston, making the city a bigger draw and helping it grow.
Read more about the Friargate North and Ringway investments by clicking here
Nationally, Preston is set to benefit from HS2 – the new high speed rail line that is better linking the North West to Birmingham and London.
HS2 trains will serve the current station in Preston, following major expansions which will allow for larger trains to operate and improve the passenger experience. This will improve connections along the West Coast Mainline as well as slashing journey times to London and Birmingham, like so:
It is estimated that the new network could mean 75,000 extra visitors a year to Preston, adding millions of pounds to the city’s annual economic output.
Cllr Peter Moss, the Deputy Leader of Preston City Council and Cabinet Member for Planning and Regulation, said of the HS2 development: “We welcome the planned investment for Preston station, which is a main gateway for the city and the wider county.
“These developments will help to cement Preston station as a key transport hub for the region with faster links to all parts of the UK including London, Birmingham and Scotland.”
Read more about Preston and HS2 by clicking here
All of the above investments have combined to make Preston one of the UK’s most impressive property markets. Indeed, research from Coulters shows that the city offers landlords the best ROI in the UK.
Luxury housing is in greater demand than ever as the city’s economy and population grows – and these exciting new projects are only going to put more pressure on the housing stock. Competition is growing for the most desirable homes, in particular for premium city centre apartment buildings like The Exchange which offer a previously unseen level of quality in the city and also provide market-leading amenities for residents. When it comes to investment apartments in Preston, this is the city’s number one development.
This city has a bright future ahead of it, and the time is right for investors to get ahead of the game and make the most of all the upcoming investment. If you are looking for property to buy in Preston, and want to learn more about what makes it one the UK’s best investment hotspots, get in touch with our team today to find out more by clicking here
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