Investing in Toxteth is a Step in History and New Luxury
Liverpool’s inner-city areas contain some of the UK’s hottest property right now. With house prices below the national average and producing healthy rental yields, investors across the country are taking notice.
One such area is Toxteth, just south of Liverpool city centre, that has benefited from extensive urban regeneration schemes since the turn of the century.
Despite this modern investment, developers and locals alike are keen that the original architecture and character of the area is preserved as much as possible.
Coleman Fireproof Depository Building
The renovation of the old Coleman building is a standout example. Well recognisable in the area due to its standalone, red brick façade, the property sat empty for many years and fell into poor condition. However, ongoing developments are set to transform the iconic building into a set of luxury apartments by mid-2017.
The designers and developers were keen to preserve its historic features, such as the Victorian iron doors and old-style goods lift, whilst modernising the interior décor. Echoing Toxteth as a whole, this approach of transporting older buildings into the 21st century whilst maintaining their original charm is appealing to many investors.
Liverpool is noted for its rows of terraced housing and Toxteth encompasses its fair share of these traditional Victorian buildings. Perhaps the most well-known of these are the Granby Four Streets, a collection of terraced homes subject to multi-million pound refurbishment since 2010.
The regeneration project gained nationwide attention when the Cairns Street project won the Turner Prize in 2015. This showcased the commitment in keeping Liverpool away from the stereotypical and sometimes bland modernisation schemes that take place elsewhere.
This attitude has been extended to the planned regeneration for Toxteth’s Welsh Streets neighbourhood, resulting in 25 revitalised energy-efficient homes in the area. Plans to demolish the historic tenements, including the childhood home of Ringo Starr, were previously blocked by former communities’ secretary Eric Pickles.
Instead, the drive to preserve their traditional Victorian architecture whilst refurbishing the interior to modern standards was favoured. This is just another example of how the area is being transformed whilst still maintaining a foot in history.
Investing in Toxteth
Toxteth in general is an attractive part of Liverpool to invest in. With lots of properties, its close proximity to the three main Liverpool universities guarantees a steady stream of tenants every year, along with rental yields of around 7-10%.
Transport into the city centre is also very accessible, especially with properties near Aigburth Road such as the newly renovated Coleman building. Brunswick train station is also close by, providing quick access into the city centre and across the North-West.
Despite some previous prejudices about the Toxteth area, signs of social instability have been eradicated with numerous investment schemes and a stronger local economy. The older, more traditional homes have been modernised but still retain their original charisma, providing a wealth of opportunities for property investors.
If you’re ready to start your Liverpool investment journey, contact us today.
If you’re still want to learn more about Liverpool and why it’s a great place to invest your money now, you’ll find more reasons in Why Invest in Liverpool.