Neighbourhood Watch: Millbay, Plymouth

Neighbourhood Watch: Millbay, Plymouth

Millbay Millbay, commonly known as Millbay Docks is one of the largest regeneration projects in South England, transforming the area into a vibrant waterfront quarter for Plymouth. Tourism Being a seaside city, tourism makes up a notable sector of the local economy, being worth over £300 million, where over 270 marine-related firms are soaring. In

Neighbourhood Watch: Millbay, Plymouth

Millbay

Millbay, commonly known as Millbay Docks is one of the largest regeneration projects in South England, transforming the area into a vibrant waterfront quarter for Plymouth.

Tourism

Millbay Docks

Being a seaside city, tourism makes up a notable sector of the local economy, being worth over £300 million, where over 270 marine-related firms are soaring. In the 1930s many of the transatlantic mail liners moored en route in Plymouth Sound and both mail and passengers were transferred by tenders operating the Millbay Docks. As the largest port on the south coast, with ferry’s to Europe and 3-hour train journeys to London, Plymouth welcomes 5.5 million visitors every year, proving itself to be an ideal location for hotel and holiday lodge property investment.

Regeneration

For almost 26 years, Plymouth’s historic waterfront has undergone regenerative planning to convert Millbay Docks into a thriving marina-side residential village.

To realise these plans, the Millbay Pier project will redevelop the pier and surrounding dockland into three eleven-storey residential apartment buildings accompanied by two smaller land-based apartment blocks of five and six-storeys.  The regeneration of Millbay Pier will complete a long-term plan to redevelop the area into a signature housing development including retail and leisure units. The plans will revive a run-down area of Plymouth’s historical harbourside and provide much needed housing in the city.

Dutch-based Vastint Hospitality have submitted a hybrid application to put a 175-bedroom hotel, seven houses and seven studio apartments for short-term rent, on the Pavilions carpark.  English Cities Fund (ECf), the company behind the long-term regeneration of Millbay, wants to see a 10-storey block of 58 apartments and a 155-bedroom hotel rise up on land known as Plot C1 off Millbay Road.

Mayflower Court

Additionally, Mayflower Court, nicknamed the Abbeyfield Project, will provide an 8-storey block of retirement flats. Due to be completed in early 2020, the multi-million-pound development will consist of 10 one-bedroom apartments for sale, 70 remaining one and two-bedroom apartments for rental and ground floor restaurant, hair salon and commercial units.

Cuisine

Bridgemans

To complement the ocean city’s reputation, Millbay offers an array of eateries including Bridgeman’s and Mill Bay’s Sushi.

Transport

Plymouth Railway Station

Millbay is located less than twenty minutes from Plymouth Railway Station which is in the process of undergoing regeneration to improve connectivity and the local atmosphere.

The Joint Local Plan says any development should provide for the following:

  1. A more intensive form of development which makes better use of vacant and underused space, with retention and refurbishment of Intercity House or its replacement with a high-quality landmark building.
  2. Use of landmark buildings to provide a widely visible presence to the station.
  3. A high quality and attractive station entrance, including the creation of a new public space, with a direct public route on foot and by bicycle from Armada Way.
  4. Uses which create activity around the station.
  5. Clear information regarding connecting bus services and good access for bus passengers.
  6. Opportunities to support the introduction of sustainable transport choices such as cycle hire, car clubs and electric vehicle charge points.
  7. Replacement of the existing multi-storey car park, with high quality parking provided as an integral part of the scheme.
  8. Pedestrian and cycle links to Central Park
  9. Enhanced connections between the campuses, the City Centre, the History Centre, Railway Station and neighbouring areas of the city.
  10. Tree planting and greening of the campuses to enhance the environment and absorb air pollution.
  11. Sustainable energy strategies, including the delivery of district heating opportunities.

Plymouth is set to get a Metro system with new stations in and around the city. The proposed scheme, branded ‘Plymouth trams’ is a bid to get commuters off the road. Two areas in Plympton, Marsh Mills and Colebrook, have already been earmarked for a station and the first step will be to reopen the local rail link to Tavistock, reinstating the Plymouth to Exeter routes via Tavistock and Okehampton. Work is already underway to make that a reality.

If the plans go ahead, this will greatly benefit the connectivity Millbay has to the wider Plymouth area.

Education

Plymouth School of Creative Arts

Home to Plymouth School of Creative Arts, commonly known as ‘The Red School’ Millbay is at the centre of Plymouth’s thriving creative community. Only 5 minutes’ drive away from the University of Plymouth the Millbay acts as the perfect location of socialising. Responsible for 23,155 of Plymouth’s student population Millbay supported by mass regeneration is the ideal location for residential and student property investment.

Final Note

Plymouth is a vibrant seaside city offering a fantastic quality of life. One of the reasons so many moves to Plymouth whether for university or for career prospects, is the exciting cultural scene mixed with the beautiful sea.

In the centre of extensive regeneration schemes including the 24.6 Northern Corridor transport scheme and the £13 million Science and technology hub, now is the time to invest in Plymouth’s thriving district for student, residential and commercial property.

Ready to see Plymouth properties? Email us at info@tarquinjones.com for more details.

 

info@tarquinjones.comNeighbourhood Watch: Millbay, Plymouth
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The rise of the DINK

The rise of the DINK

In 2019, there are more child free adults than ever before. While, for those born in 1946, only 9% had no children at the age of 45, whereas for women born in 1970, this figure has risen to 17%. A US study discovered that 1 in 5 women enter menopause without children. Additionally, birth rates

The rise of the DINK

In 2019, there are more child free adults than ever before. While, for those born in 1946, only 9% had no children at the age of 45, whereas for women born in 1970, this figure has risen to 17%. A US study discovered that 1 in 5 women enter menopause without children. Additionally, birth rates among women in their twenties declined by 15% between 2007 and 2012.

The reasons why so many couples adopt a Dual Income, No Kids lifestyle, commonly known as DINK, is varied. For some the financial burden of raising a child is more trouble than its deemed worth and for others, it means sacrifices to lifestyle and career aspirations. Without the responsibility of children to cater to, the rise of DINK, the demands for property are not what they were for young professionals of Baby Boomers and Generation X.

What DINK mean for the property market?

Imperial Square, Luton

ONS figures showed that in 2017 the proportion of women never having children has doubled in generation.

Leisure & Amenity

Infinity Towers, Liverpool

Young professionals today are interested the trendy new neighbourhoods. Without the pressure to consider a property’s proximity to schools and day-care the focus for many tenants now is convenience. After working all day, and in some instances earning from a second job, the Millennial generation are interested in homes which offer closeness to shops and travel links.

Work Life Balance

The Tannery, London

In 2019, the UK is more career driven than ever before. A booming economy mixed with the impending launch of HS2 and mass regeneration schemes, means over 250,000 jobs are being launched in the UK by 2030. As a result of this, generation rent is drawn to city centre properties to stay in the heart of their working life.

Student Housing Demand

Marvel House, Plymouth

In 2018, 2.3 million students were recorded to be in higher education. Entrepreneur reported that 24% intend for pay for higher education via savings and 38% plan to work during their university studies. Higher education is at an all time high since the launch of the postgraduate government student loan. As more students stay in education for longer to gain qualifications such as an MBA and PhD, often via part-time study, instead of starting families the demand for student housing will increase.

Luxury Lifestyles

Hadrian’s Tower, Newcastle

Without adhering to the practicalities of raising children, tenants are desiring homes to suit their personalities and lifestyles. For example, 2019 saw an increase in properties with pools and audio door entry systems. Favouring state-of-the-art design specifications including private lounges, the demand for luxury property is increasing across the country.

Travel Pursuits

Epic Hotel, Liverpool

A chief reason, many adopt a DINK lifestyle is the sizeable disposable income, which can be used for travel. The rise of the staycation, has seen a dramatic increase in domestic holidays. As cities within the Northern Powerhouse gain regeneration, the rise in UK’s tourism to serene areas will benefit from the child-free movement.

Entrepreneurship

The Bridge, Kirkcaldy

Among Generation Z, working to suit your lifestyle is a priority. Entrepreneur announced 41% of Generation Z intend to start their own businesses instead of continuing the Millennial trend of side jobs. The rise is e-learning opportunities focusing on creative arts and business is predicted to be worth four times more than the higher education market. As a result of this, the demand for office space will increase.

Old Age

Bryn Illtyd Ltd, Wales

Without the comfort of having children to take care of them in old age, DINK jetsetters will be desiring Care Homes in the future.

Final Note

As the economic climate changes, the demands for property respectively alters. With more favouring an enjoyable lifestyle and the financial benefits that come along, the demand for family friendly property has seen a sharp reduction.

 

 

info@tarquinjones.comThe rise of the DINK
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Why to invest in Plymouth’s thriving student property market

Why to invest in Plymouth’s thriving student property market

One of the more overlooked property hotspots in the UK is going to be the main focus of today’s article. Plymouth has long been one of the countries best student locations, especially for those pursuing maritime based careers marking it as a niche location in which student numbers are on the rise. South West The

Why to invest in Plymouth’s thriving student property market

One of the more overlooked property hotspots in the UK is going to be the main focus of today’s article. Plymouth has long been one of the countries best student locations, especially for those pursuing maritime based careers marking it as a niche location in which student numbers are on the rise.

South West

The South West has been a very strong area for property investment over the past couple of years and has a four-year forecast of nearly 30% growth (almost 8% per annum).

Our focus area in the South West – Plymouth certainly remains one of the best cities in the UK for those wishing to dip into the buy-to-let market or add to their property portfolio. There has been substantial investment in the economic regeneration of Plymouth and it has swiftly become the go-to area in Devon and one of the optimal areas in the South West for property investment opportunities.

Regeneration

The 60,000m2 Drake Circus shopping scheme was a resounding success and not resting on their laurels, the council have been instrumental in the current plan to add an additional 86,000m2 retail development in the adjacent Cornwall St area.

While the council has clamped down on issuing planning consent for the conversion of dwellings to student accommodation – one of the major markets in Plymouth – this has only served to increase the growth potential for properties inside the golden triangle around the university campus (Mutley, North Hill etc). Perhaps as a result of the constraints on supply, there have been significant rises in rents for student accommodation, offering investors very attractive yields. This has led experts to posit Plymouth alongside Norwich and Bournemouth as some of the top cities in the UK in which to invest in student housing.

On top of this, in accordance with the City Centre and University Action Plan (2010) 700 new houses have passed through the planning stages of late and this development is planned to include an extra 2,000 car-parking spaces as well as a landmark department store.

Furthermore, elsewhere in the city centre, there is more potential for new development, as in Colin Campbell Court adjoining Western Approach, which boasts the potential for a mixed-use scheme, also outlined in the Area Action Plan. On top of this there is an ongoing plan (2006-2026) for the creation of new jobs and business services laid out in the council’s strategic economic plan.

Plymouth is also in one of the areas of the UK that was slowest to start the recovery from the market crash and while prices are now back up to where they were beforehand; this means that there is still a massive potential uplift for buyers investing today. This is confirmed by industry experts. Roger Punch, the South West spokesman for RICS, claimed: “It started to take effect elsewhere way back last year and caused the market to warm up and really get going. But it’s only just starting to reach us.”** A boosted confidence in the economy and initiatives like the ‘Help to Buy’ scheme have all helped to reinvigorate market, according to property experts.

In other news, the First Great Western rail service has in October 2014 announced a time-scale for the implementation of free Wi-Fi aboard its trains that service the South West, which is another attractive proposition for commuters looking to relocate to the region.

Student property

Academically, Plymouth has a longstanding reputation as an outstanding research centre, particularly in relation to marine sciences. The buzzing city of Plymouth is home to Plymouth University, The University of St Mark and St John (Marjon) and the Plymouth College of Art, which is one of only four independent colleges of art and design in the UK.

Between all of these establishments there are over 25,000 full time students, however only around 3,000 of these are accommodated within University halls of residence. As such, there is a real need for suitable student accommodation. Private student developments then such as North Hill Court are in high demand and are providing investors with high, sustainable returns the kind of which associated with student property.

Plymouth’s combination of regeneration and niche location as a hotbed of maritime studies make it a superb place to put your money into for student investments. Those after high and regular returns will find Plymouth to be an excellent location to achieve their investment goals such as self-funding their pension come retirement and maintaining their own lifestyles beforehand.

For more information on our latest investment opportunities, click on the Investments tab on our homepage. Alternatively, give us a call on 0208 445 6542 or email us at info@tarquinjones.com for more details.

AdminWhy to invest in Plymouth’s thriving student property market
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