BuyAssociation tracks trend of high street residential conversions
Property investors are playing a major part in the regeneration of Britain’s high streets, figures from international investment consultancy, BuyAssociation, suggest.
Investors and developers have been teaming up to refurbish prime high street shops which had been abandoned by local businesses. While serving to regenerate high streets in towns and city across the UK, BuyAssociation has expressed its belief that the trend also has another huge benefit – addressing the country’s housing crisis.
BuyAssociation has tracked a significant increase in investor-backed renovations in established locations and reported that these developments are typically selling out rapidly due to a high level of interest from buyers.
It has been confirmed by BuyAssociation that its Stone Cross House development in the central Churchgate area of Bolton is the latest to appeal strongly to residential property buyers, with 30% of the units having already been reserved within the first month of release. The development is a conversion from commercial office space into 61 residential flats.
Two of the company’s most recent city centre conversion developments have also sold out, both of which are located in nearby Preston.
Sam Hadfield at property investment consultancy BuyAssociation said: “Property investment does not need to involve clearing vast areas and replacing them with glamorous skyscrapers. Investing in a conversion in an established area means that all the fundamentals are there, the infrastructure is already in place, while construction times are also generally much shorter. There is often an established rental community in these areas as they are in existing neighbourhoods, often in prime central locations, while price points can be lower, too.”
Jennifer Edmonstone at The Heaton Group said: “Bolton has a lot going for it. It’s only a 20-minute commute to Manchester city centre, and the existing local economy and rental demand is strong. Stone Cross House, with its affordable price points under £125,000 and short renovation period, makes for an attractive opportunity.”