York Property Update: York Central Development

04 Mar 2019 - Peter

York Central is one of the largest brownfield regeneration projects in England, with aspirations to transform a disused 178-acre site into a new neighborhood, with huge residential and commercial opportunities for property investors and landlords.

York Central

The current masterplan for the site includes:

  • Plans to create a new urban quarter for York, with up to 2500 new homes of mixed specification, as part of a designated Housing Zone.
  • Plans to create a new business district, with high-quality offices for larger firms, flexible workspaces for smaller business and sites for bars, cafes, and retail. As a designated Enterprise Zone, business rate relief will be available until 2027.
  • A new entrance to York train station, enabling direct access from the York Central site

Benefits for York Landlords

The York Central Partnership predicts a 20% growth in the York economy as a result of the York Central project, adding over £1.16 billion in York’s GVA. Yet, we believe the benefits of the York Central project will also bring significant benefits to landlords and property owners across the whole of York.

Wage Growth = Rental Growth

York has one of the strongest knowledge-driven economies in the UK, with innovative companies in science and technology creating significant demand for commercial and residential space - which York city center is currently unable to meet.

As these businesses leave York to find suitable commercial space in neighboring cities, the number of suitable job opportunities for graduates decreases. The result? Thousands of talented graduates each year leave York to find suitable job opportunities elsewhere.

York Central will add significant Grade A office space to York city center, with world-class transport connections and internet connectivity, attracting innovative businesses in growing sectors, helping to retain graduates and attracting further professionals to the area.

With this increased commercial supply, we expect to see an increase in demand for rental accommodation. With this increase in demand, opportunities for landlords and property investors increases.

Property Value Growth

We believe property values across York will increase as a result of the York Central development:

  • The increase in employment opportunities will increase the demand for purchasing and renting property. This will drive property values in York upwards.
  • The improvements to travel infrastructure as part of York Central (improvements to station and rail infrastructure) and the upcoming HS2 line will increase the desirability of York as a place to live and work - hence driving up property prices. Both will lead to improvements in commute time, again, making York a more desirable place to live.
  • York Central will be completed over a 15-year timeline. This will avoid ‘supply shock’ (an event that changes the supply of a product resulting in a sudden change in its price), as homes will become available over a longer timespan.

We’re excited to see how York Central develops over the next 15 years - and how it benefits the city and landlords.

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