It is predicted that the high-speed rail network HS2 will bring an extra 75,000 visitors a year to Preston and add £3.3m to the city’s economy annually. This is great news for both the city and property investors.
Preston is a city really gathering force. In 2018 it was named the best place to live and work in the Good Growth for Cities Index, with the city becoming more highly sought-after consequently. It’s in the Manchester commuter belt and many large businesses have Preston as their base.
The city has strong employment levels, with some of the country’s highest employment rates at around 80% – this is well above the UK average of about 75%.
The big employers in Preston include the NHS with leading industry facilities such as teaching hospitals and leadership academies, BAE Military a multi-national aerospace company, DAF the large truck brand employs over 1,100 at their site in Preston and EDF Energy.
The fact that HS2 is coming to Preston is another major boost for the city in terms of connectivity and jobs. The eagerly-awaited HS2 will have a station stop in Preston, making commuter times to major cities such as Manchester and London dramatically reduced.
With the arrival of HS2 travel times will be drastically cut.
For instance Preston to:
- Birmingham Interchange, HS2 time 44 minutes.
- Birmingham, HS2 time 50 minutes, current time 96 minutes.
- London, HS2 time 78 minutes, current time 128 minutes.
HS2 will play a central part in local plans to drive growth and will create jobs and secure investment years before it is launched. The Lancashire Enterprise Partnership says that gains in productivity resulting from HS2 services to the area could bring an additional £600m for the region.
HS2 is not the only reason Preston is such a great choice for property investors. Positioned in the middle of the North West, Preston is the strategic centre of Lancashire and is one of the UK’s quickest growing cities. It became the UK’s 50th city in 2002 when it was given city status. Since it has had much investment through both public and private schemes which have improved its centre and surrounding areas. It’s the third biggest city in the North West and the largest in Lancashire.
While historically the buy to let market in the North West has been dominated by Liverpool and Manchester, other local areas benefitting from investment have become sought-after and Preston is certainly one of these. It is under an hour from both Liverpool and Manchester and is quickly becoming an attractive place to live and work, with the many young professionals choosing it as their base driving demand for quality rental properties.
Home to the University of Central Lancashire (UCLAN) Preston is recognised as a national centre for education. It has a student and staff community of almost 38,000 and is ranked as the fifth largest in the UK.
As a property investment opportunity, Preston is a great choice. Last year, rents in Preston increased by 4%, almost double the national average. (Zoopla, 2019)
In September 2020 there was a 1.1% monthly increase in the average asking price of property in Preston with a higher than predicted annual growth of 7%.
Great Buy to Let Property Investment Opportunity in Preston
ERE Property has a great property investment opportunity in Preston; a flagship residential development comprising of 130 luxury apartments, impressive communal spaces with residents lounge and 24-hour concierge, communal rooftop gardens and seven retail units overlooking the plaza including barber shop, florist and deli store.
The exterior will feature distinctive, contemporary black and gold aluminium panels, transforming the building into a recognisable landmark standing out amongst its neighbours. Landscape architects have thoughtfully designed both the plaza at the entrance of the building and the show-stopping roof gardens with breath-taking city views.
The one, two and three-bedroom apartments have been designed with functionality and style in mind, with well-proportioned rooms, luxury, designer kitchens and bathrooms and high quality fixtures and fittings throughout as standard.
The communal spaces have been designed to create a spectacular welcome for residents and visitors to the building, with a residents’ lounge, coffee pod cafe, 24-hour concierge and reception area. The communal areas will also act as a central point for ‘The Common’ shared working space and commercial units on the ground floor.
Prices for apartments range from £110,000 to £315,000.
If you would like to find out more information about the Preston development, please contact us. Look at all our property investment opportunities on the ERE Property website.
