Why Liverpool Is A Key Area For First Time Buyers

Ariel View of Liverpool City in the UK

The north has come into its own in recent years thanks to the Northern Powerhouse initiative, extensive investment in key city infrastructure and developments transforming the landscape. All of this, along with the Brexit effect on the south east causing prices to plummet in former property hotspots, mean that northern cities are where it’s at both for investors and first-time buyers.

With all this in mind, it’s perhaps not surprising that recent research from Zoopla has found Liverpool to be one of the most affordable cities in the UK for first-time buyers.

First-time Buyers Index

Liverpool ranked third behind Middlesbrough and Hull as the most affordable when compared with 50 other major cities. Buyers in Liverpool can expect to an average price of £122,137 for a property. Middlesbrough came in second with an average price of £107,041 and Hull first at £104,376.

To compile the index, Zoopla analysed several different data points and compared the 50 largest cities in the UK. The data points include the deposit amount required, Stamp Duty tax relief available and property prices. By combining these and converting to a score out of ten, the index was created.

Liverpool Data

The average first-time buyer in Liverpool needs a deposit of £18,320. This is based on 15% of the property’s value at £122,137. As a comparison, Manchester first-time buyers need an average deposit of £25,314 on property costing £168,761.

However, Manchester is still very much affordable when compared with the south of the country. London is unsurprisingly at the bottom of the index and shows that a first0time buyer would need to get a deposit together of £77,727 and expect to pay about£518,178 for a property.

Unaffordable Areas

As well as London, areas like Cambridge are out of reach to most first-time buyers. An average deposit in Cambridge equates to £65,716 for a property cost of £438,109. Brighton, Colchester and Reading are the other cities in the bottom five of the index.

Northern Cities More Viable

Recent research shows that northern cities have the most viable options for first0time buyers in this country. Liverpool is particularly popular with first-time buyers as it offers a modern city with plenty of redevelopment, investment and restructuring, as well as a buoyant job market and affordable property.

It’s difficult for people in the south to get on the property ladder at all, and we expect to see northern cities continue to rise in the rankings.

How Liverpool is attracting investors from around the world

reliance house exterior

At the start of 2018, Liverpool is one of the country’s most popular cities thanks to its cultural, historical and architectural legacy. It’s also attracting investors from around the globe thanks to the dynamism of its property and business sectors.

We don’t think that the increase in investment in Liverpool property is likely to stop any time soon. Here are five reasons why we think it will continue through 2018 and beyond.

  1. Continuous And Extensive Regeneration

How Liverpool is attracting investors from around the world Aspen Woolf

Visitors to Liverpool will see the horizon scattered with cranes as the city continues to pump money into new developments. These range from commercial and residential buildings to new tourist attractions. One of the most interesting projects currently on the go is the Ten Streets regeneration. This is part of a 20-year strategic overhaul of the city, focusing on constructing a new ‘creative district’ aimed at bringing long term economic benefits to Liverpool.

  1. Endless Tourism Potential

The tourist sector in Liverpool is worth more than £3.8 billion. It’s one of the most visited cities in the UK and welcomes around 54 million people every year. The knock-on effect of this is that the industry supports about 50,000 jobs in Liverpool.

Popular attractions for tourists are varied, ranging from the Cavern Club for Beatles fans to the UNESCO World Heritage waterfront area. All these must-see attractions are backed up by more than a dozen Michelin-starred restaurants, and many more nightclubs, bars and eating places to try out.

  1. Undersupply Of Housing

Between April 2009 and March 2016, homes were built in Liverpool at an average rate of 713 every year. The Home Builders Federation estimates that Liverpool actually needs 3,000 homes every single year to keep up with the demand. This major mismatch between supply and demand has created an attractive investment opportunity.

The demand for homes in the city is constantly rising. The population of Liverpool rose by more than 120,000 people between 2001 and 2011 according to the Census, which represents a growth of 5.5% in just ten years. This pushed up housing prices and rents in the city, and in the outer lying regions.

In 2016, rents increased by 4.4% across the North West and house prices have risen by 22.7% since 2012. The price of apartments and flats has risen even faster at more than 25%.

  1. Young Population

How Liverpool is attracting investors from around the world Aspen Woolf

Liverpool consistently attracts a wide range of young professionals, drawn to the city for its economic potential. In the ten years between 2001 and 2011, those aged 22-29 living in the city centre increased fourfold. This has created an enthusiastic, dynamic, forward thinking workforce, ideally positioned to provide the city with a bright economic future.

Businesses are working hard to properly harness this young population, with business incubators set up in the city by the likes of Launch 22 and Santander. Liverpool is firmly ahead of many other UK cities when it comes to future-proofing its economic success.

  1. Economic Strength

Liverpool isn’t just a promising location for UK businesses and investors – it’s also one of the most appealing cities in the UK for multinational companies. Its mix of business sectors and income streams has allowed the city to build up strong economic credentials.

fDi Magazine, owned by the Financial Times, named Liverpool as joint second in the top ten mid-sized European cities of the future 2016/2017, particularly noting its business friendliness and connectivity.

Why Liverpool Is Top For Student Housing Investment                             

Student accommodation is one area of the property market that won't be hit by political uncertainty

One area of the UK’s property sector continues to boom, regardless of the uncertain economic outlook for the country.

Research by Savills shows that by the end of 2017, £5.3 billion will have gone into student accommodation investment. Brexit doesn’t appear to have slowed down investment in this sector, and there has also been a 2.2% rise in applications from overseas students since 2016.

Student accommodation continues to attract much interest from investors, as demand is exceeding supply in most regions. Excellent yields can be made by discerning investors, and the north west of England is proving one of the most exciting areas for opportunities in the UK.

Northern Appetite For Student Accommodation

Why Liverpool Is Top For Student Housing Investment                              Aspen Woolf

The north west of the country as a whole is seeing demand increase for student housing, with Mistoria Group demonstrating that the region was up by 38% year-on-year. And Liverpool is one of the most important areas for investment.

There is a real shortage of student accommodation in a city that boasts many higher education offerings. This has led to a situation where there are excellent yields for investors in shared student accommodation. Areas that are particularly ripe for investment in Liverpool include Wavertree, Toxteth, Kensington and Kensington Fields.

Houses Of Multiple Occupation

It’s possible for savvy investors to buy a high-quality, three-bedroom House of Multiple Occupation (HMO) from around £120,000. Each room can be rented out for an average of £85/week, including bills. Extras like en-suite bathrooms can push the rent up to around £110/week. The ROI (return on investment) is attractive, at around 13%. This splits into 8% cash rental and 5% capital growth.

Experts advise investment in HMOs rather than ‘student pods’ (individual rooms or small pods). These are at a disadvantage when it comes to resale value and potential for capital growth, and are far riskier than traditional larger, shared properties. The investor pool for single pods is much smaller than for HMOs, flats and other types of student accommodation.

Other Areas For Investment

Why Liverpool Is Top For Student Housing Investment                              Aspen Woolf

Image credit: Tim Green via Flickr

The Northern Powerhouse is undoubtedly a strongly attractive region for investment in student accommodation. There are many purpose built student accommodation properties (PBSA) in development, as well as the potential of traditional housing stock, giving lots of choice and opportunity.

Research from Simple Landlord Insurance found that the very top university for investors is also up north – in Scotland. Prince William’s Alma Mater, the University of St Andrews offers yields of up to 12%.

At the other end of the scale, the lowest yields come from Oxford University, averaging at just 3.3%. For example, a property in the main student district costing an average amount of £720,000 only brings in about £2,000 in rent.

Confidence High in Liverpool Property Market

reliance house exterior

Transactions may have dipped in traditionally popular areas of the UK, but Liverpool stands firm as a great property investment city.

It joins other cities including Manchester and Sheffield as encouraging alternatives to London for investment. Its relatively low property prices and potential for high yields is proving to be of interest to selective investors looking to increase their portfolio in an area that looks set to get stronger in the near future.

Why Do Investors Like Liverpool?

Confidence High in Liverpool Property Market Aspen Woolf

With the political uncertainty caused by Brexit and the snap election in June this year, along with the hike in stamp duty last year, there is an air of caution in the property investment sector.

Prices in central London have increased considerably over the last few years, resulting in simple inaccessibility for many investors and buyers alike. With no bargains on offer in all the usual places, and a more cautious attitude, attention has turned to other areas.

Liverpool is one of the most attractive alternatives, with potential rental yields of 7%+. More than double that currently achievable in London.

Post Financial Crisis Catch-Up

Since the 2008 financial crisis, Liverpool has struggled to get back on its feet in terms of property prices. Other large cities like Leeds and Manchester saw a faster growth in prices, while Liverpool lagged behind. While prices dropped 6% between 2005 and 2015, the recovery has been strong over the last two years, and looks set to be equally strong in the future.

According to property website Rightmove, the overall average price of a property last year was £152,406. While they were similar to prices in 2015, they were up 9% on 2014’s average price of £140,367.

Most of the sales in 2016 were terraced properties, which have an average price of £104,314. Flats reached around £117,674 on average, and semi-detached houses sold at an average of £172,326. These prices are significantly below the national average property value in England of £243,220.

These figures also show that the slowest annual growth in house prices from July 2016 to July 2017 was in London (at 2.8%). It’s now the eighth month in a row that London’s house price growth has remained beneath the UK average.

Regeneration Projects Underway

Following the trend that once turned some of London’s poorest areas into up-and-coming property hotspots, Liverpool is undergoing long term, extensive regeneration.

This will only improve its appeal as a city to move to for renters and buyers. Increasing the attraction of the city to young people looking for urban living will attract those who can’t afford London, but are seeking a similar vibe.

With numerous multi-million pound developments in the city centre and in the docklands area of the city, Liverpool looks likely to become even more in demand. The area around the docks is likely to become the most sought-after part of the city, with carefully designed, high quality, relatively low cost living available.

Large Student Population

Confidence High in Liverpool Property Market Aspen Woolf

There are more than 60,000 students living in Liverpool, a number that is set to increase due to the draw of its higher education facilities. There is a high level of interest in both converting properties for use by students and for purpose built student accommodation.

The number of students presents opportunities for perceptive investors looking for long-term yields from a predictable and reliable demographic.

Impressive Yields

Liverpool is home to many renters, with more than 22% of the entire housing stock in the city owned by private landlords. While rental yields obviously vary depending on the specific area and property type and size, they are competitive across the region.

As times change and the tide turns away from London, Liverpool could be looking at a property boom during the next couple of years. The economic impact of the UK leaving the EU in March 2019 is yet to be seen, but there are clearly many reasons to consider building up a property portfolio in Liverpool as a safe investment.

Why Liverpool is Attracting Buy-to-Let Investors

Ariel View of Liverpool City in the UK

Investors interested in buy-to-let property are increasingly heading north to the cities of Liverpool, York and Manchester.

Back in 2014, then Chancellor George Osborne announced plans for a ‘Northern powerhouse’. His plan was to combine the qualities and might of major cities in the north of England and their population of more than 15 million people to revitalise the economy.

While Osborne is no longer in the government, and much has changed politically, the idea of this northern powerhouse is taking on momentum.

Connectivity is Vital

In order to bring cities closer together, connectivity is essential. This works through the implementation of new transport plans, including HS1 2 and 3 (Northern Powerhouse Rail) and the longest road tunnel in the world cutting through the Pennines, to drastically cut journey times between key cities like Manchester and Sheffield.

Other plans to minimise the economic gap between the north and south of the country involve building up the technological, scientific and cultural sectors. Manchester is investing around £1 billion into its infrastructure, for example.

Why Liverpool is Attracting Buy-to-Let Investors Aspen Woolf

Buy-to-Let Investment

Many high-level buy-to-let investors are from the south of the country, attracted to the north by lower entry prices and relatively high yields. The fact that capital growth remains fairly modest isn’t enough to put people off.

In June 2017, Liverpool was crowned best city with the highest yields for buy-to-let investment, according to mortgage broker Private Finance. Sheffield also rates highly for city centre yields.

While in much of the north capital gain is modest, there is still the possibility for larger gains in specific areas. York is a good bet for buy-to-let from the perspective of capital growth. City centre apartments will always remain popular with professional singles and couples, and there’s also a wide scope for superior flat shares.

The University Effect

For many of the cities and towns popular with buy-to-let investors, the student affect is a key contributor. Student populations in cities like Liverpool and Manchester provide a reliable and continuous market for property investors.

Many new developments in Liverpool are for the private rented sector (PRS), and so can’t be sold as owner-occupier properties. These kinds of development really play up the benefits of superior rental accommodation, with lots of city centre developments offering prime locations, concierge service and gyms on site.

Why is Liverpool Such a ‘Good Buy’?

For the same reason as Manchester. Liverpool is a great place for buy-to-let investment due to its strong local economy and serious shortage of housing.

Liverpool also boasts a brand new superport, which is creating new job opportunities in shipping and logistics. The universities are feeding into the employment boom and the incessant demand for housing is pushing rents up. All great news for investors looking for a healthy return on investment (ROI).

Young professionals who want to live right in the centre of buzzing cities is a significant demographic in 2017. There’s huge demand for eye-catching apartments, centrally located near to the best nightlife, retail opportunities and restaurants.

When the economy crashed ten years ago many northern cities were left high and dry with too many new-build flats left empty. In 2017 there is a diverse mix of owner-occupiers, investors in developments, more build-to-let properties and major companies boosting jobs. All in all, the foundation is strong for investment in the northern cities, and Liverpool in particular should be on the list for any discerning property investor.

Three Reasons Why North Liverpool is a Great Place to Invest

North Liverpool will be getting a new cruise terminal to serve up to 3,600 passengers at a time.

The number of development schemes in North Liverpool, with the sole aim of improving the local area and economy, is staggering. This can only be good news for property investors.

Whenever a local economy is given a helping hand by government investment, jobs are created and house and rent prices rise as demand increases. Liverpool has been going through regeneration for a while now, but recent developments show that now is a great time to invest in the city before prices increase further.

The development schemes include a large amount of planned investment going into the local road network, and pedestrian and cycle access. This is in addition to the Liverpool Waterfront, the long-term investment of the docks, along with the potential re-opening of Lime Street train station as part of Merseytravel’s 30 year plan.

It’s thought that these will create thousands of jobs in North Liverpool as well as increasing tourism and the reputation of the city as somewhere to visit and live.

Out of all these exciting plans, three stand out, including the first new link road in Liverpool City Centre for a decade.

A New Link Road

Three Reasons Why North Liverpool is a Great Place to Invest Aspen Woolf

Image credit: Paul Holloway via Flickr

Potentially one of the biggest improvements investors could see coming to North Liverpool is the building of a new link road between the junction of Leeds Street and Great Howard Street down to Princes Parade at the waterfront.

The new road will cost £20 million and is being built alongside a £250 million investment scheme, the Better Roads Programme by Liverpool City Council, which includes a number of improvements to the surrounding roads as well as pedestrian and cycle routes.

It’s hoped that the new link road, which will run through the existing King Edward industrial estate, will not only improve access but will help to ease congestion and assist with the regeneration and growth of North Liverpool’s industry and economy.

This new link road will also improve access to the waterfront and the new cruise terminal.

A New Cruise Terminal

Three Reasons Why North Liverpool is a Great Place to Invest Aspen Woolf

Image credit: Al Disley Images via Flickr

Liverpool Waters became a turnaround facility for cruise ships in 2012, and since then the number of vessels visiting has doubled, including the Disney Cruise Line which first called at the port in 2016. The port is award winning and was named the UK’s best port of call in both 2013 and 2014. This seems to be a title Liverpool is eager to reclaim.

A new cruise terminal is planned at Princes Parade, on the former Princes Jetty, to allow for larger cruise ships to visit, which will mean more passengers (and crew) spending money in the city and boosting Liverpool’s economy. Not to mention the jobs that will be created when building and then staffing the terminal.

The new terminal will be large enough to handle up to 3,600 passengers at a time and will include passport control, a lounge, cafe, taxi rank, pick up point and car park. A new quay will also be built along with access to allow coaches to pick up and drop off passengers.

A new cruise terminal isn’t the only investment in North Liverpool that will attract visitors.

A New Football Ground

Three Reasons Why North Liverpool is a Great Place to Invest Aspen Woolf

Image credit: Airviews Photography via Flickr

Also potentially coming to Liverpool’s waterfront is a new football stadium. Everton Football Club are in discussions with Liverpool City Council about choosing a site alongside the Mersey upon which to build their new stadium.

The new football stadium would become a landmark on the historic banks of the river. It’ll not only attract football fans from across the country to Liverpool, it will also create jobs and increase spending in the city, all helping to boost the economy.

At the time of writing, the city and Everton fans are waiting for the announcement about the site of their new stadium. One proposed site is Bramley-Moore Dock, which was home to the Liverpool Sound City music event for two years before it was moved elsewhere for 2017. The announcement is due within the next couple of months.

Just as the economy starts to take an upward turn is the best time to invest in property. By investing in North Liverpool property now, you stand ready to reap the rewards once these developments are completed.

Eldon Grove and Reliance House, both situated just down the road from the site of the new cruise terminal and link road, are the perfect places to invest and not only gain a piece of history, but a foothold as Liverpool’s economy takes off.

If you’re interested in investing, or would like to know more, get in touch today.

For more information on what makes Liverpool such a great city, you might enjoy our 14 Fun Facts to Love About Liverpool.

Student Property Demand Rises in Liverpool

Purpose built student accommodation is becoming more and more popular.

With around 70,000 students in Liverpool during term time, it’s no surprise that demand for accommodation is high. And with the number of undergraduate placements rising from the 2015/16 academic year, there’s still need for high-quality housing within the city.

For investors, this means numerous opportunities are available in the thriving buy-to-let sector, especially for purpose-built student accommodation.

Increasing Numbers

Student Property Demand Rises in Liverpool Aspen Woolf

Image credit: Vita Student via Flickr

 

The University of Liverpool, John Moores University and Liverpool Hope University comprise around 60,000 students alone, an increase of around 10,000 from last year.

As well as the three main universities, there’s also the Institute for Performing Arts, School of Tropical Medicine and numerous other colleges within the city – pushing the total number of students up even further.

Research by the Mistoria Group shows that these figures have caused a 37% growth in demand for shared student accommodation within a three mile radius of the city centre.

Why Liverpool?

Student Property Demand Rises in Liverpool Aspen Woolf

Image credit: 7426_0594 via Flickr

Developers have been quick to recognise the rise in student numbers and short supply of bespoke housing in Liverpool. With demand for high-quality accommodation growing, a number of uber-modern student developments, such as the luxurious Fox Street Village and Queensland Place, have sprung up in recent years.

With a rich cultural and sporting heritage, combined with a diverse nightlife and affordable housing, Liverpool in itself will always attract high student numbers. With its higher education institutes offering a vast array of courses, there’s no sign of the trend slowing down.

As another bonus, an increasing number of students are remaining in Liverpool once they’ve graduated. This flow of young professionals boosts the rental sector even further, especially as renters with a career-driven mindset make for high-quality tenants.

Increased government investment in the ‘northern powerhouse’ is coinciding with massive regeneration schemes in Liverpool itself. As we move further into 2017, 250 major new schemes worth £10.5 billion are seeking planning approval or at early stages of project development.

Purpose-Built Student Accommodation (PBSA)

Student Property Demand Rises in Liverpool Aspen Woolf

Image credit: NEC Corporation of America via Flickr

The 560,000 rooms that make up the UK’s PBSA market are estimated to be worth £46 billion in total. This is being helped as both students and universities move away from traditional halls of residence style accommodation.

Purpose-built halls cater to the demands of modern-day students, with private bathrooms, large common rooms, strong Wi-Fi connections and even gyms in some cases. They’re especially appealing to wealthier foreign students whose parents like the idea of a secured building in close proximity to the campus.

Purpose-built halls will often be managed by a letting agency. This is a recommended route into the student sector for investors. Everything is controlled on your behalf, from dealing with student enquiries to collecting payments. Rental yields of around 7-10% are assured with a guaranteed stream of tenants every year.

 

To find out more about investing in Liverpool’s student property market, get in touch for a chat.
If you’d like to know more about investing in student accommodation, you might be interested in The Boom in Purpose Built Student Accommodation.

Liverpool’s Reliance House Development Perfect for Prime Location Investment

Reliance house

Located in the heart of Liverpool’s business district, Reliance House is set to be converted into 100 luxurious residential apartments. The project presents a fantastic opportunity for buy-to-let investors, with expected rental yields of 7-8% and long-term capital growth.

The £15 million project will be completed by Legacie Developments, providing a further boost to Liverpool’s thriving rental sector, especially in prime city centre locations.

Prime Location

Located on Water Street, Reliance House is situated just a short walk from the Waterfront with fantastic links into the city centre. Various amenities can be found on nearby Castle Street, along with upmarket bars, restaurants and cafés.

Liverpool's Reliance House Development Perfect for Prime Location Investment Aspen Woolf

Image credit: Wikipedia

Reliance House is also opposite the alternative James Street railway station entrance. Although access is limited at off-peak times and closed at weekends, this is of great convenience for commuters who use the Merseyrail network.

The city centre is a proven hotbed of buy-to-let investment, with guaranteed enquiries for rented properties and a steady stream of graduates looking for jobs/accommodation. This also leads to healthy rental yields, with projected returns of up to 8% based on current market projections.

Liverpool in itself has seen plenty of investment since the turn of the century, with no signs of slowing down. An estimated £10 billion regeneration is planned over the forthcoming decade, helping modernise a city already draped with a strong cultural heritage.

Design

The Reliance House building is far bigger in size than you may expect if stood at the main Water Street entrance. The front section is made up of robust Portland stone, showcasing a strong Edwardian design that has stood up well to the test of time.

At the rear end, an impressive red brick façade adds a touch of character to the building, backing onto the picturesque Church of Our Lady and Saint Nicholas.

Liverpool's Reliance House Development Perfect for Prime Location Investment Aspen Woolf

Image credit: Wikipedia
Reliance House has great access to transport links.

 

The development will create 73 one bedroom apartments and 27 two bedroom apartments, designed to modern standards with lavish high ceilings and large sash windows.

The one bedroom apartments will comprise a large living area, with generous space for lounge, cooking and dining, as well as a study zone in the bedroom. An additional store room is also provided.

The two bedroom apartments will include two separate bathrooms, one of them en-suite. They’ll also include double-bed sized rooms and a large kitchenette area, perfect for young professionals looking to split the cost of rent.

Further Advice

Reliance House offers secure and exceptionally high-quality real estate, located in a prime spot in Liverpool city centre. A spokesman from the Legacie has said of the development:

We saw its potential straight away, in terms of the way it looks – it has a beautiful Portland stone frontage and it’s nicely proportioned with high ceilings which give a real sense of space – and its location which couldn’t be better.

It’s right in the centre of the business district, facing India Buildings, there are great views overlooking St Nicholas’ Church gardens and the waterfront, and all the restaurants and bars on Castle Street are just a few minutes’ walk away.

From a developer’s and a buyer’s point of view, it really is a prime spot and a prime building.”

Liverpool's Reliance House Development Perfect for Prime Location Investment Aspen Woolf

The one bedroom apartments will typically be 499 sq. feet/46.6 sq. metres and start at £120,000 in price. Their two bedroom counterparts are 609 sq. feet/56.6 sq. metres and will range from £160,000 upwards.

The 100 available properties will be sold off-plan to both buy-to-let investors or private buyers. A £5,000 reservation fee will be required to secure your interest.

If you’d like to know more about the Reliance House redevelopment, get in touch with us.
Or for more about investment opportunities in Liverpool click here.

 

Redevelopment of Liverpool’s Eldon Grove Has Finally Begun

Redevelopment of Liverpool’s Eldon Grove Has Begun

After 16 years of neglect, redevelopment of the Eldon Grove tenements in Liverpool’s Vauxhall has finally begun.

A major boost to the surrounding area, new blocks of luxury flats will be constructed on the site alongside refurbishment of the historic building itself.

Work starting on the site has been a long time coming with the initial planning application submitted in late 2015. Liverpool City Council only approved the proposal in December 2016, allowing designers JGLT Developments to make a start on their regeneration plans.

History of Eldon Grove

Eldon Grove was a council development opened in 1912 by the Countess of Derby, Alice Stanley. The buildings consisted of three blocks, originally used as labourers’ dwellings to home local workers.

Historians note Eldon Grove would have been the most modernised accommodation of its time, particularly as they incorporated baths with hot water taps. With balcony access, they are also deemed to be one of the oldest examples of council flats outside London.

Redevelopment of Liverpool's Eldon Grove Has Finally Begun Aspen Woolf

As time moved on, the building was converted into student housing but eventually fell out of use. With previous regeneration projects falling through, Eldon Grove was abandoned and became completely derelict.

Being the last remaining original-style, timber frame tenement in Liverpool, the historic site was given Grade II listed status in 1993. This has lead Victorian Society supporters to campaign against construction work, particularly as the new surrounding flats will obstruct its view.

Need for Repair

The Eldonian Company, who are responsible for Eldonian Village and Vauxhall regeneration schemes, have been working with JGLT on the project. Their representative, Paul Foster, was left in no doubt over the building’s need for urgent attention. He told councillors:

“You’ll have seen this morning that Eldon Grove is in a terrible state, dilapidated and on the point of becoming unrepairable… These buildings will not survive another winter.”

“Eldon Grove has been derelict for 20 years now and has become an eyesore to the community. If it doesn’t get redeveloped shortly this Grade II listed building will be beyond repair.”

“We really do think this is the last chance for this building.

Redevelopment of Liverpool's Eldon Grove Has Finally Begun Aspen Woolf

Image credit: SPDP via Flickr

This appeal was successful and after Liverpool council’s approval late last year, both developers and locals alike are eager to see the completed project.

Development Plans

As well as restoring the Eldon Grove building to its past glory, the multi-million pound project will see new flats erected on the premises. This will include five blocks of one and two bedroom apartments, as well as New York style duplex penthouses.

In total, this will create 84 new luxury rooms, with further plans to revamp the surrounding space with landscape gardens.

Redevelopment of Liverpool's Eldon Grove Has Finally Begun Aspen Woolf

A representative of the Eldonian Company commented on the developments:

“It will look stunning and will kick start the regeneration of L3 again, increasing house prices and making the area a nicer place to live – being very close to the city centre it’s a perfect location for city living but with a relaxing lifestyle.”

JGLT have already received numerous enquiries from property investors. They expect the project to take around 12-18 months to complete before new residents can move in.

 

If you’d like to know more about the Eldon Grove redevelopment, get in touch with us.
Or you can find out more about the original building and site as we look at Eldon Grove – a Liverpool Treasure Comes Back to Life.

From an Interesting History to Works of Art – Regenerated Toxteth is Now a Great Place to Invest

Liverpool is a city full of amazing culture and history that is ripe for investment, especially inner-city Toxteth

For many people, Liverpool’s Toxteth area is synonymous with the 1981 riots where a civil disturbance broke out between police and local youths. However, despite the negative image this portrayed, its repercussions only highlighted the greater need for social stability and increased investment across Liverpool’s inner-city areas.

What’s occurred since has been a vast improvement of Toxteth’s local economy and employment prospects, echoing that of Liverpool as a whole. Twelve months on from the Granby Four Streets regeneration, work is still ongoing to improve the lives of those who live there.

Today, Toxteth is a hotbed of investment, buoyed by relatively inexpensive housing and attractive rental yields. Its close proximity to the city centre, Baltic Triangle, and Liverpool’s universities has appealed to property developers from all over the country, meaning that regenerated Toxteth is now a great place to invest.

From an Interesting History to Works of Art - Regenerated Toxteth is Now a Great Place to Invest Aspen Woolf

Image credit: Beverley Goodwin via Flickr

Cultural Ties

One prominent investment has materialised with the old Coleman’s Fireproof Depository on Park Road. The historic red-brick building is to be converted into luxury apartments and set for completion in Q2 2017.

Developers have been keen to modernise whilst retaining the building’s original Victorian features – a constant theme of various regeneration schemes across the city. This desire to preserve original architecture is largely because of Toxteth’s interesting social history and cultural roots.

From an Interesting History to Works of Art - Regenerated Toxteth is Now a Great Place to Invest Aspen Woolf

Image credit:ALANM via Flickr

For example, the creative development of Toxteth’s notable ‘Welsh Streets’ – where work to convert 35 properties into 25 energy efficient homes is underway – saw the 2015 Turner Prize awarded to a collective art group who redesigned homes in the Granby Four Streets neighbourhood. Many of those homes are now let or available to buy at under market value.

Buy-to-Let Opportunities

Toxteth comprises numerous terraced homes within a relatively small area. This provides many buying opportunities for investors, buoyed by a huge demand for accommodation when second year students leave their university halls.

Often moving out in large groups together, landlords capitalise on this by converting rooms to maximise rental income. With over 50,000 students in Liverpool, you’re guaranteed to have enquiries as soon as the property is placed on the market.

Many of Liverpool’s inner-city areas, such as Toxteth, lie within an exclusive band where house prices remain below the national average but are steadily increasing in value. With a strong rental market to boot, this produces attractive yields of around 7-10%.

From an Interesting History to Works of Art - Regenerated Toxteth is Now a Great Place to Invest Aspen Woolf

Image credit:broady via Flickr

Living in Toxteth

Toxteth lies just south of central Liverpool and has great transport links into the city centre, notably with numerous bus routes servicing the area. Likewise, Brunswick railway station is close by which operates on the Northern Line of the Merseyrail network.

As well as the ongoing work around the Welsh Streets and Granby Row areas, other developments include a new block of flats and restaurant planned on the historic Princes Road, the conversion of the former Liverpool Savings Bank on Park Road, and the previously noted Coleman’s Depository renovation.

This shows that investors are confident to plough their money into Toxteth, helping boost the local economy and provide further employment. Of course, this enhanced social stability means that the 1980’s volatility is a thing of the past as  the area continues to see even more investment in the coming years, especially in the thriving buy-to-let sector.

If you’re ready to start your Toxteth investment journey, contact us today.
If you’d like more information, you might be interested in A Look into the History of Coleman’s Fireproof Depository and Investing in Toxteth is a Step in History and New Luxury.