It seems like buyers and investors are looking east and turning their attention to Norwich. Historically, Norwich has been one of the UK’s least accessible cities with road and rail links to London making it a little too far to commute. This has protected the city from over-development and helped it to maintain its charm and character.
However, improved road and rail links, including the London in 90 scheme which aims to cut rail times to just 90 minutes are opening up the area to investors.
One of the key driving forces is the boost in employment offered by projects such as the Norwich Research Park, which has created 12,000 jobs over the past few years. Even better news is that 5,000 more are planned for the next four years. Norwich now possesses one of the largest single-site research centres in Europe specialising in food, health and life sciences.
There is an increasing appetite for new builds in and around the city. Take The Bridge, a development of 66 one and two bedroom flats built in the derelict Wherry Road area just outside the city centre.
Other projects include Bishop’s Place and proposals for Anglia Square, where there are discussions for building 1,000 new homes as well as a cinema complex, car park and retail spaces.
The St Anne's quarter is another development area where a mix of residential and retail units are offering opportunities for investors.
However, there needs to be a balance between positive development and damage to the city and region’s reputation for preservation and character. Not all projects are being green lighted, including plans for 69 retirement properties in the Cromer area.
Councillors are now looking again at the plans and trying to work out an arrangement that works both for investors and developers but also the local community too. In general, Norwich has been able to walk the fine line between the two quite well.
Another planned project for 300 homes on a much-loved piece of woodland were also halted by a local campaign. The Thorpe Woods, near Norwich provide a much needed green space and recreation area for residents, and the refusal of plans to build homes here has been celebrated locally.
If you want to invest in the area, here at Agile we are specialists in all areas of property in Norwich and Norfolk. We can help you to identify suitable and promising opportunities and keep you up to date with all the latest happenings in the market.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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