For property buyers looking for a future return on investments or to build their property portfolio, investing in properties in areas that are undergoing urban regeneration can be a rewarding opportunity to get onto or move up the property ladder. Urban regeneration estimates a future growth in demand due to the improvement of the local area and amenities that can attract new residents to boost property prices.

We have selected the top 5 locations undergoing major regeneration projects to be transformed with the help of the Levelling Up Fund. From regional epicentres to emerging towns, these locations are spending millions on vital infrastructure – making these hotspots the top for property investment in 2023. 

What is regeneration?

Regeneration refers to the inward investment of towns and cities through a variety of sectors including housing, transport, commercial and leisure. Urban regeneration schemes aim to create a positive impact on local areas to attract new businesses and a skilled workforce, with new development projects increasing the demand for residential property nearby. 

Urban regeneration can look like new transport links or a shopping centre at the heart of a city or town. These redevelopments usually impact the local area, economy and property market which can be appealing for potential investors.  

What is the Levelling Up Fund?

The Levelling Up Fund was first announced in November 2020 as part of the 2020 Spending Review, with the purpose to invest in “local infrastructure that has a visible impact on people and their communities and will support economic recovery”. The fund is worth £4.8 billion and includes regenerating town centres, high streets, upgrading local transport as well as investing in heritage and cultural estates.  

Urban Regeneration Projects

 

Birmingham

As the UK’s second biggest city, Birmingham is a prime example of successful urban regeneration. What started with the development of the Bullring in 2003, the city has since undergone a surplus of redevelopments.  

The ambitious project, referred to as the ‘Big City Plan’, aims to create 50,000 new jobs and an estimated £2.1 billion for the local economy. The plan includes a number of key regeneration projects, such as: 

• Birmingham Smithfield – a project consisting of a 14 hectare site worth £1.5 billion set out to create 3,000 new jobs and 1,000 new homes.  
• Paradise – a project worth £700 million that will add 1.8 square footage of office, leisure and retail space in the city centre.  
• High Speed 2 – a brand new hub of transport links that aims to reduce the travel time to 45 minutes between Birmingham to London and aims to create 30,000 new jobs.

The Pressworks provides a great opportunity to accommodate the growing workforce and rental demand. The restored development in the heart of Birmingham's prestigious Jewellery Quarter preserves the site's working heritage whilst encompassing modern elements.

 

Manchester

Rivalling Liverpool’s regeneration, the North West city is undergoing equally impressive regeneration projects. Home to some of the UK’s largest companies, regeneration projects in Manchester include: 

• NOMA – this mixed-use four million sq. ft office, residential, retail and leisure space worth £800 million will continue work with a further 620,000 sq. ft of new office space to be built.  
• Spinningfields – this £1.5 billion redevelopment in the city centre has attracted over 150 commercial and financial organisations in a Grade A office space. 

Thanks to the regeneration in Manchester, Deansgate Square is surrounded with newly developed landscaped areas and public facilities, enhancing the quality of both public and private environments.

 

Liverpool 

Over the past 20 years, Liverpool has undergone extensive regeneration that has transformed Merseyside with a huge boost to the local economy. Valued at an impressive £14 billion, Liverpool’s regeneration scheme has seen the city at the very top for computer science research. As well as the regeneration of Lime Street and the expansion of the iconic Anfield stadium, other key regeneration projects include:  

• Knowledge Quarter – home to the Royal College of Physicians and three universities, the £2 billion inner city regeneration has drastically improved education.  
• LiverpoolONE – a huge £960 million outdoor shopping centre is the catalyst for further regeneration by attracting considerable private investment in the heart of the city centre.  
• Liverpool Waters – this upcoming £5.5 regeneration project looks to introduce five new neighbourhoods in the city centre.

 

Leeds

Leeds is one of the fastest growing cities in the UK, this Yorkshire City will see a huge regeneration scheme in the future. As the population increases by 10% with people leaving London for Leeds – regeneration is focused on creating new amenities and infrastructure to meet these demands. Project include: 

• Leeds City Station – the recently completed £161 million revamp in January 2022 is a major transport hub and Northern England’s busiest station. Further construction is set to take place this year.  
• Lisbon Square – this new £270 million development includes hotel facilities, residential apartments and mixed-use office space with the aim to boost the city's economy and double the size of the city centre.

 

Bracknell

Over the past 10 years, Bracknell has undergone an array of urban regeneration which has increased the property for sale in the city. Bracknell town centre has seen a vibrant transformation due to a multimillion-pound project. Whilst this city may not be the most conventional on the list, the regeneration plan labelled ‘Bracknell Vision 2023’ has a budget of £770 million. Key projects include: 

• The Lexicon – this £240 million shopping centre has brought 160 restaurants, bars and stores to the town including a 12-screen cinema.  
• The Deck – as an entrance to the Lexicon, the Deck is designed to become a state-of-the-art leisure quarter.

 

If you are looking at investing in any of these emerging regeneration projects, One Global Expat can help by offering exemplary service where we manage all aspects of our client’s property investments and act as trusted advisors. Alternatively, learn more about emerging real estate trends or explore some of the best properties available now.