Real Estate and property Investment: The Devonport Development and in Plymouth, Devon
By Paul Symonds
Many people may be wondering if England is still a healthy and vibrant place in terms of property and real estate investment. If England is still highly investable and can still offer good returns on investment in the future, then you will more than likely be wondering where the best investments can be found. Have you heard about the English partnerships redevelopments projects? Read on.
Certain areas of England, as I am sure you are aware, are in need of regeneration, and some more than others. This is where the National Regeneration Agency comes into play. This organisation who to work in partnership with the government, get involved in regenerating areas such as the former Sideway Colliery in Stoke-on-Trent (pumping £8 million pounds into the area in a project which will be finished by 2010). The group are also involved with the massive Devonport Development in Plymouth. The group are heavily involved with regenerating the South Yard Enclave on the Devonport Dockyard, into a housing development with affordable housing. The plan is to build more than 500 homes and to build a health centre, some shops and some office spaces. It is strange to think that the South Yard enclave will become a housing area, when ones thinks of the thousands of people who used to work in this high security MOD area in the past. Since the 1970s, with the decline in the numbers of people in the British forces, has meant that Devonport Dockyard has dramatically declined as a thriving place of business.
The Devonport regeneration is a part of what the government call their 'Neighbourhood Renewal Strategy'. This strategy combines affordable housing and employment opportunities for local people. The reality is in fact that people from outside of Plymouth are investing in Plymouth. From an investors point of view it is all very interesting particularly what is happening in Plymouth. A huge new shopping mall has been built at Drake Circus (a monstrosity some may say perhaps) and many investors from outside of the Plymouth area have been buying up property and real estate. Some projects in Plymouth have been receiving EU funding, in addition to the regeneration agency funding. The university has continued to expand in size and many student bars and pubs, and also many new outdoor cafes etc have been created. Valeria Lo Iacono, an Italian resident of Plymouth reports that "(Plymouth) is changing fast and it is an interesting place to be, although worryingly, prices for Plymouth residents are rising too fast".
For investors though, Plymouth is worth looking at. When you consider all of the money being pumped into the area, the growth of the university the regeneration of certain areas, it becomes clear that the city is definitely undergoing a facelift. After being neglected for 20 years and going downhill, it is visible noticeable when I return to Plymouth every year, how it is changing. Plymouth Argyle's stadium has been modernised, new baseball pitch and facilities in Central Park, the new shopping mall, European style outdoor cafes in the city centre. The city is clearly changing. Is it worth investing in? I plan to.
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| Some other articles by Paul Symonds|