Regeneration Is The Key To Success In Property
Published on:Wednesday January 1, 2020
It can be a hard balance to strike, gentrification vs. regeneration. Improving residential areas with stylish apartments and commercial lots can cause friction in the community. Across the UK there are large areas of land, dotted with former industry relics. However, old mills, derelict warehouses and desolate land present huge opportunities, particularly in North West England.
It is common in cities like Manchester for former mills to be renovated into living space and then rented out at higher prices than modern builds. There appears to be a draw for the restoration of unused land from a bygone industrial era.
Regeneration greatly benefits all stakeholders associated with the development. The wider community can enjoy the reinvigorated facilities while young urban professionals can move into residential properties. Together, they will support the local businesses that, without investment, would have otherwise faced closure.
What is regeneration?
Regeneration specifically refers to the transformation of brownfield land into housing and green space. Brownfield sites are areas of land that are derelict, unused and neglected. Usually they were once home to industry but now serve no purpose. Regeneration allows this brownfield land to be repurposed, reducing the reliance on greenfield sites for development. There are a number of bodies that look after these projects, but in essence, their goal is one and the same: redevelop industry land to sustainably serve a growing population.
The whole process is a win-win for the local authorities and developers, as it creates affordable housing that brings further area investment without harming ecosystems. It is a more environmentally friendly approach to property and results in a more unique landscape. As proven in a campaign for local housing (Netflix and Mill by Crusader), buildings with links to a city or town’s past increase its desirability.
How does this impact local residents?
This can depend on the execution, but regeneration largely provides a positive boost to both the community and investors. Developers must be careful not to outprice businesses that have operated in those areas for generations. There are projects that Legend Property Group are currently serving (like the Lower Irk Valley transformation [LINK] for example), that have included considerations to current residents and businesses in their design plans.
In order to truly benefit all stakeholders, developers must take into account where the current community fits in. Growth has to be sustainable for emerging businesses to thrive, and that’s why property needs to regularly provide solutions to migrating talent from all over the country. Those in property should always deliver to market needs. Projects that incorporate regeneration are more likely to please all stakeholders than property developed on greenfield sites.
It’s a rarity in property development that there is an opportunity as universally beneficial as regeneration. It’s useful to bear in mind what restoring old historical sites can do for your operation. There is more media interest in buildings that are a part of an area’s culture, as opposed to those that aren’t.
If you would like to discuss regeneration or a potential development, please get in touch. You can either call us on 0161 974 0735 or leave a message on our contact form using the button in the footer below.