Regeneration schemes are something that everyone in property ought to keep an eye on. Regeneration schemes bring huge amounts of new investment to what are often neglected districts. They bring new homes, new workplaces, new retail and new leisure amenities. They turn areas which were once undesirable into places people want to live, work and spend time.
Regeneration schemes often create a halo effect in the local property market too. Surrounding areas that were once run down, often with cheap property, become more popular and more expensive. They can offer great investment opportunities to investors and developers who know about the plans and who get in early.
Here we’ll round up just a few of the most exciting regeneration schemes from around the UK that are planned to start over the next year or so:
In Manchester, Mayfield Manchester is an overall £1.4 billion scheme to create a new neighbourhood right next to Manchester’s Piccadilly Station. There will be 1,500 new homes, 1.6 million sq. ft. of commercial space and a large new public park. HS2 is planned to arrive at Piccadilly sometime in the 2030s too.
The first phase of Mayfield Manchester has recently been confirmed to start construction in 2021.
Here’s more about Mayfield Manchester.
Birmingham has seen massive redevelopment over the last few years. The next big scheme, Birmingham Smithfield, is currently under consideration by the local council. Smithfield is a £1.5 billion scheme to build a whole new urban quarter on the edge of the current city centre and close to the Bullring. It will have 2,000 new homes, a public square, public park, plus new leisure and cultural facilities. Smithfield is also close by the up-and-coming Digbeth area where many other development schemes are underway.
You can find the Birmingham Smithfield Masterplan here.
In Leeds South Bank Leeds is the name of a project which long term could double the size of Leeds city centre. This regeneration of 235 hectares of land could see up to 8,000 homes built here plus new commercial buildings and a new public park to be called Aire Park. Leeds Station, together with the site for its future HS2 station, is nearby.
Here’s more about South Bank Leeds
In Nottingham, the Southside scheme is a plan to transform the previously neglected area south of the city centre with a variety of separate schemes, some of which are already underway. There will be a redeveloped Broadmarsh shopping centre, new city apartments, new student accommodation, new office space based around a HMRC hub where 4,000 people will work and new public realm. A new City Hub for Nottingham College where 2,000 students will be based has just been completed. Nottingham Castle has just undergone a £30 million transformation and will be relaunched as a major tourist attraction in 2021.
Here’s a fancy 3D development site showcase for Nottingham Southside.
In Bristol, Bristol Temple Quarter is a long term scheme to create what is known as a sustainable and flourishing new urban quarter for Bristol and add to the city’s strengths as a world class city. The project, which is next to Bristol’s Temple Meads Station and in an Enterprise Zone, will have new homes, shops and leisure amenities and new commercial space. The aim is to attract 17,000 jobs long term especially in sectors like hi-tech, creative and digital, low carbon and professional services. The University of Bristol is planning a new campus here too.
Here’s more about Bristol Temple Quarter.
In Swansea Shaping Swansea is an exciting scheme for a number of regeneration projects some of which are well underway. The scheme covers a new coastal park, a new hub for creative and tech. businesses, mixed use developments with city living homes and new employment uses and a 3,500 capacity arena.
Also planned is a new tourist attraction at the old Hafod Copperworks which could feature a cable car or high speed zip wire ride!
Lastly as you might expect London is the home for many regeneration schemes, but here are just a couple which have recently received the go-ahead:
Brent Cross Town is a plan to create a new small town close to the end of the M1 in north London. Brent Cross Town will be what is known as a ‘park town’ and will have up to 6,700 new homes, new offices, retail and restaurant space plus leisure and sporting space. Brent Cross Town will have a new railway station from which residents can travel into central London. But the aim is for it to be a ’20 minute town’ where those who live there can access everything they need no more than 20 minutes away from home.
In the East End of London Bishopsgate Goodsyard is one of the newest regeneration schemes to get the go ahead. Located in the already fashionable Shoreditch E1 area this redevelopment of a former railway goods yard covering 10 acres will provide 500 new homes, a new hotel, 175,000 sq. ft. of retail and 1.4m sq. ft of offices. There will also be space for independent traders, cultural uses and a public park.
Here’s more information about Bishopsgate Goodsyard.
One important thing to bear in mind with regeneration schemes is that they are often long term projects. It often takes a decade (or more) for them to fully completed. Sometimes they don’t turn out as expected, or even don’t happen at all. So property investors, developers, landlords and others need to take a considered long term view .... something that’s always a good idea in property of course.