Liverpool, European Capital of Culture: 2008 – 2018
On 4th June 2003, Liverpool was announced as the European Capital of Culture for 2008. The award represented an opportunity for urban regeneration, as well as a revival of the cultural, social and economic image of the city.
Liverpool saw enormous advantages from the win. Research programme, Impact 08, found that the city had seen 9.7 million visitors during its festival year of 2008, – an increase of a third – generating an extra £753.8m for the economy and the city’s transformation in the lead-up to the award year gave Liverpool a huge boost as regeneration led to a surge of people wanting to live in the city.
Having just chosen Liverpool as the location for its first non-London office, specialist end-to-end property investment company Surrenden Invest’s Sales Director and Liverpool resident, Joanne McCormack reflects on the impact of the flow of new residents:
“Hosting European Capital of Culture resulted in Liverpool’s population increasing from 435,500 in 2001 to nearer 600,000. Over the same period, 22 to 29-year-olds in the city centre increased fourfold, while the overall city centre population increase stood at 160%.
This new trend for living in the city centre has been increasing ever since and has led to a huge rise in demand for rental properties meaning developers are racing to keep up with regeneration and the supply of new homes.”
Some of the developments that have already changed the face of the city include the Ten Streets regeneration project, the new Liverpool One shopping centre, regeneration of the Albert Docks and Lime Street, and the Liverpool Waters and Anfield projects, all of which have created huge boosts to the local area. Future town plans include expansion of the port of Liverpool for cruise liners, a potential new football stadium located in the docks and an all-new University hospital.
Research from academics at Liverpool University found that 85% of the city’s residents agreed that Liverpool is a better place to live in than before. The city is now packed with attractions and during 2018 a year-long programme of culture, music and sporting events will mark the anniversary since the city hosted European Capital of Culture.
Ten years on from the win, Liverpool is now regularly noted as one of the world’s top places to visit and is a notable property investment hotspot in the UK. The city has enjoyed sustained property price rises, with data from Zoopla showing an increase in home values of 5.52% over the past year and of 28.35% over the past five years.
Property investment experts Surrenden Invest which has just opened an office in the heart of the city, predicts that Liverpool will continue to go from strength to strength offering low price points and strong growth potential, making it an ideal option for investors.
“The city has a thriving, service-based economy, which was worth £29.5 billion in 2015 and is leading the UK’s Northern Powerhouse region in terms of its overall GVA growth and its growth of GVA per capita. A growing population, backed by strong economic credentials and a buoyant housing market make Liverpool an ideal environment for opportunity pushing it up on the list of UK cities to watch.”
Jonathan Stephens, Founder & MD, Surrenden Invest
One opportunity attracting a great deal of investor attention enjoys a prime position in Liverpool’s L3 postcode area to the north of the city centre. The Tannery, exclusively available through Surrenden Invest, is just 1.1 miles from the 125-acre Ten Streets regeneration project, which is set to create some 2,500 jobs, as well as being close to the £150m Jennifer Project regeneration scheme with its flagship new Sainsbury’s superstore and extensive retail offering. There are also plans for a new police headquarters to be built on nearby Scotland Road, bringing an additional 850 workers to the area 10 minutes walking distance from The Tannery.
This historic, once industrial part of town is rapidly becoming one of the most desirable and trendy investment locations in Liverpool, with The Tannery standing out as an iconic building on one of the most covetable roads in the city.
The building’s design draws from the site’s history as a tannery. Folded aluminium panels resemble the hanged leather that the site’s original building once housed, while horizontal breaks in the façade represent the leather press.
Facilities such as 24hr concierge, on-site gym, laundry facilities, a private gated courtyard, and underground secure parking are just some of the comforts which come as standard. Impressive views over the city centre complement modern interiors, designed to offer both comfort and contemporary appeal to urban residents.
Prices at The Tannery start from £85,000 with net rental yields estimated at 6.0%.
Surrenden Invest
London office: 0203 3726 499
Liverpool office: 0151 3477 459
www.surrendeninvest.com