Will work start on hundreds of new homes in Norfolk?
Changes have been made to the plans to revamp Anglia Square in Norwich, and it is hoped this final round of alterations will finally see the project get going. This will see the development of around 1,350 new homes in the city, providing a much-needed boost to the city’s housing stock. In addition, there are several other developments planned for the near future that could help to revolutionise property in the area.
Of these new projects, one of the largest is the Deal Ground, located near Trowse, which has permission to build almost 700 new homes, dating back to 2013. Work on the £100+million project is set to start any time now. The same is true of another project just off Duke Street. The St Mary’s Works site will feature a hotel and restaurants, as well as around 150 homes.
Nearby in Duke’s Wharf, the former Eastern Electricity Board building is set for redevelopment. It has been vacant except for occasional use as a car park for some time. Permission for a £30 million revamp was given in 2014 but work has yet to get going on the site. The whole Duke Street area is a key part of the city’s redevelopment plans, with other projects for student accommodation also in the pipeline. But work on major projects has been slow to start. The same is true of other mooted developments across the city. Perhaps it is the uncertainty around Brexit that has put things on hold, as developers wait to see what the impact will be on the housing market before starting. Although there is hope that this year and next year will be the time when things get going.
With the addition of thousands of new homes in the city, there is likely to be a big impact on the housing market. Traditional thinking suggests that increased supply will reduce prices but developments such as these are also good indicators that a city is booming, which tends to add value. There is currently a shortfall of lower end properties so this much needed injection into the market promises to be exciting. It is also a potentially very good time for investors. To find out more about the opportunities in the area, get in touch with our team here at Agile Property Partners. We’re always happy to talk through your options.
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.
For more free tips on Property Investing SIGN UP HERE.