Why invest in Nottingham?
When it comes to investing in an area, most of the reasons provided are to entice businesses to plough money into a location. This makes sense and when businesses develop, they draw people to the area. So in the long run, everyone benefits or has an opportunity to prosper by playing a role in a specific town or city. However, investment can come in all shapes and sizes, and many people are interested in investing in property. Whether this is to live in, to buy for use at a later date or to enter the buy-to-let market, there is a great deal to be said for obtaining the information you need before making an investment decision.
Thankfully, people considering investing in Nottingham will find that many of the reasons cited to entice businesses and industries to invest in the area are also positive reasons for landlords or property buyers to invest in the city.
Nottingham has a great labour pool, and with 887,000 people of working age, the city has one of the largest pools of labour in the United Kingdom. Taking in the Greater Nottingham region, there is over 1 million people of working age in and around Nottingham. The city is well known for its educational bodies and each year there are more than 60,000 students attending University while 54% of the Nottingham population hold a degree level qualification.
These statistics are of benefit to any business looking to invest in the city but if you are a landlord looking for a suitable buy-to-let market, Nottingham has what you are looking for. The student population provides a constant and attractive market for buy-to-let landlords and many students stay in the area after graduation. Knowing that there are many young professionals looking to find rented accommodation means that there is a good supply of potential tenants for landlord.
Another key aspect for property buyers and businesses is the travel and transport connections in a city, and Nottingham has a strong range of options, and further improvements are taking place and/or in the pipeline for the future. Nottingham is located at an important junction between east and west and north and south, making it an ideal destination for people who love to travel or who have links with the rest of the country. Being located close to the M1, the M42 and the A1 is of considerable benefit to businesses and individuals.
It is possible to be in London in less than 100 minutes from Nottingham, in all UK regions within two hours and mainland Europe is close at hand too. Add in easy to reach airports and Nottingham is a hub of travel from the UK to the world.
Of course, many people prefer to look closer to home when it comes to travel and this is why the £570m investment in the Nottingham Tram Network is of great benefit and interest. This investment sees the local tram network being expanded to 32km and it will reach 20 of the 30 biggest employers in the Greater Nottingham area. This is good for business but it also makes property more attractive to buy if there are genuine links to the main businesses. The new tram links will serve 30% of Nottingham’s population on a regular basis and provide links to the University campuses, to the designated regeneration sites and to the Queen’s Medical Centre. There is also significant investment being allocated to improving the road network in Nottingham with £800m set aside for the creation of an integrated transport hub. The High Speed Rail Network is also set to connect to Nottingham by 2023, so this will provide a long term benefit for Nottingham based businesses and residents.
Focusing on work and travel is important but when it comes to convincing people to set up roots or settle in Nottingham, there needs to be improvements made to the leisure and entertainment on offer in the city. Nottingham has a well-deserved reputation for sport and live music events but there has been money invested on improving the shopping experience within Nottingham city centre.
The Intu group has two main shopping centres in the Nottingham area and both of these have experienced upgrades and improvements in recent times. The Intu Victoria Centre has undergone a £40m transformation and planning permission has been granted for further expansion and development of this centre. There is also planned redevelopment work of the intu Broadmarsh centre and associated areas of the public realm.
These investments are not just good for the individual centres; they bring more people to the area and create a better shopping experience. There is a concerted effort to make Nottingham the number one shopping area in the Midlands and this is something that will be of benefit to business property investors.
Nottingham is a city with a tremendous history but it is also a city with a bright future, making this area of England a sensible place to invest in.