Preston Property Investment: Special Report

Preston was handed City status during the Queen’s Jubilee year in 2002, and since this monument us occasion in Preston’s proud history Britain’s newest city has gone from strength to strength.

Plans were recently granted for multi-million pound redevelopment of the docklands and city centre, encompassing large scale property development in the shape of luxury apartments and refurbishment of listed/general buildings, also on the agenda are major retail, commercial and leisure facilities. This naturally represents an ideal opportunity for further investment in the housing market, which is why Off Plan Investments have chosen this exciting area to become the next challenging venture in property investment.

The city centre itself is already a hive of activity due to the 25,000 students currently at the University of Lancashire, This has also given Preston a chance to raise the bar when it comes to property development, student property is generally a winner in terms on investment property potential.

University

The Preston campus is a modern green oasis in the heart of England’s newest city. With 25,000 students currently within the city walls this figure increases by at least 5% every year with new courses and specialties constantly at the forefront of UCLAN’S agenda.

The Students’ Union is at the heart of student life on campus and the new £6.5 million building boasts some of the best facilities in the country, including retail and catering outlets, a print shop and our very own radio station and magazine. In 2005 the new entertainments venue, 53° was voted Students’ Union of the Year by the British Entertainments and Disco Association (BEDA).

Although there are some on site halls of residence the majority of student property in Preston at present is privately owned investment property with more on the way, Off Plan Investments has recently sold such a property to a set of proven investors which was successfully filled in time for the new academic year 2006. This is something we concentrate on as a company, so if you are in the market for student accommodation please contact us.

Attractive rental yields

The rental market is strong with moderate to high rental yields achievable, luxury apartments are at the top of the list with constant turnover of tenants due to increasing employment figures in the region. Next down from the luxury market is 2 bedroom houses for similar reasons with realistic rental of around £600 - £700 p.c.m.

Transport links

Similar to Liverpool, links to Manchester, Blackpool and Merseyside are easily accessible via motorway or rail network through the fair sized Preston central station. The locality to both Manchester and Liverpool provides access to air travel only a stones throw away. Recent developments

Off Plan Investments office is located in Preston, so we as a company keep quite a keen eye on Preston as a whole. On our website we have various examples of property in Preston, with everything from a converted Victorian period hotel to blocks of luxury apartments and apartments within refurbished listed buildings.

In September 2006 we acquired a block of 26 luxury apartments in the centre of town. The apartments were valued at starting prices around £135,000 upwards. With predicted rental figures above average for the square foot available. Just two weeks later we had buyers for all 26, this shows we generate massive interest and Preston is definitely the place to invest.

Employment area

Preston is building big things in terms of business and job opportunities, with the expansion and city centre regeneration in full swing employment figures are on the rise, more big names in retail and blue chip business’s are in the process of adding new branches and stores to the city.

This in turn is bringing not only outside works into Preston from surrounding Lancashire but also means that graduates from the University of Central Lancashire are staying on after they finish there studies to take advantage of this increase.

Location to Maximise Rental and Capital Gain Opportunities

We favour the city centre because of the money earmarked for property developments such as off plan development Avenham Mills and other larger projects. The immediate vicinity of the train station is a firm favourite with its mix of Victorian property which a high percentage of is actually listed and so under strict planning constraints, this being said refurbishment and redevelopment is ongoing in this quarter utilising specialists developers to make the most of these timeless properties.

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