In the dock: Why Liverpool’s Albert Dock is giving London’s Royal Albert Dock a run for its money
- Albert Dock visitor numbers up 21% in Q1 2015 (Albert Dock Liverpool)
- Average North West property is £375k cheaper than average London property (Land Registry)
- Liverpool docklands buy-to-let property available from just £109,950 (Surrenden Invest)
Liverpool and London’s dockland areas have much in common. Both played an important role in England’s shipping and mercantile history and suffered a decline as their commercial viability waned over the years. Now, both areas have been reinvented as attractive locations to live, work and play. But which has the edge?
According to Jonathan Stephens, Managing Director of Surrenden Invest, it is Liverpool’s Albert Dock that is turning investors’ heads these days.
“London’s Royal Albert Dock is undoubtedly a great place to live and to invest, but when it comes to residential property, Albert Dock in Liverpool is definitely the place to be right now. Unlike London, prices there are still fantastically low – well below the UK average, in fact – and offer huge scope for capital gain. Liverpool’s population is booming and tenant demand is high, with low void periods and high yields making the Northern Docklands a seriously exciting investment prospect.”
After lying derelict for nearly a decade, redevelopment work began at Albert Dock in 1982, with the official reopening in 1984. Some 30 years on art galleries, museums, swanky bars and funky independent shops sit alongside high-end new homes at Liverpool’s Docklands, backed by the stunning waterfront setting.
The Terrace at The Quarter, due for completion in Q4 2016, is the fourth phase in the award-winning ‘The Quarter.’ Just five minutes’ walk from Albert Dock, the development will offer 110 luxurious one and two bedroom apartments. The contemporary homes will be complemented by an onsite gymnasium and investors can look forward to strong capital growth and 6% p.a. assured for three years.
Tenant demand for such accommodation is strong and growing. According to the Office for National Statistics, Liverpool’s population is younger than the country’s average, with 42.3% of inhabitants under the age of 30 (compared with 37.4% nationally). These dynamic youngsters are enjoying the city’s booming professions, which include pharmaceuticals and bio-science, law, finance and wealth management, as well a booming knowledge economy thanks to new media and computer game development.
Those living in the Northern Docklands can also delight in the appeals of their area – Albert Dock attracted more than a million visitors during Q1 2015, according to official figures from Albert Dock Liverpool. Tate Liverpool and The Beatles Story were two of the most popular attractions, while the inaugural Albert Dock Rum Festival also played its part.
While in London such opportunities also abound and generate strong demand from tenants, it is the low price point of Liverpool’s residential property that is proving so attractive to investors in buy-to-let accommodation. According to data from the Land Registry House Price Index issued in August 2015, the average price of a house in England and Wales is £183,861. Prices in London are well above this, with an average price of £488,782, yet in the North West the average price is just £114,064.
Such disparity makes the Liverpool docklands incredibly affordable for buy-to-let investors, compared to its London counterpart. Investors looking to be part of the Albert Dock’s bright future can purchase residential buy-to-let accommodation at The Terrace at The Quarter through Surrenden Invest from £109,950.
For further details, visit www.surrendeninvest.com, email info@surrendeninvest.com or call 0203 3726 499.