Kent Riviera Rides Wave of Regeneration
New transport links and arty-regeneration projects are restoring port and seaside towns across Kent to their former glory, transforming them into top commuter towns and excellent investment opportunities, reveals the Homebuyer and Property Investor Show (7-9 March, ExCel, London).
Experts believe that property prices could increase by as much as 30% as improved infrastructure will see a significant increase in demand from London commuters and second home owners. From 2009, high speed passenger services will run across Kent to London on the Channel Tunnel Rail Link slashing journey times by half, making Kent one of the few commutable seaside areas. Paris will also be less than two hours away.
The area will also benefit from the development of Kent International Airport, on the site of RAF Manston, where it is expected to expand and become linked with a major budget airline. This will make the area even more attractive to London business people, and open the area to a rental market of airport employees.
Kent offers great investment opportunities; holiday lets in seaside resorts, flats and houses for commuters and a rental market of students and transport sector workers are all options for savvy investors looking to rent out properties. The Homebuyer and Property Investor Show experts reveal the top three areas.
Folkestone
The once fashionable, but now faded Folkestone is currently experiencing mass regeneration. The Creative Foundation is undertaking a redevelopment project around the harbour, harnessing the bohemian atmosphere which previously characterised the town, creating new homes, retail space and offices with an artistic twist.
The town encompasses a mix of periods and styles, though much of the infrastructure was built in the late Victorian and Edwardian period, including a cliff top promenade. Folkestone attracted royal patronage as well as distinguished literary figures and artists, including Agatha Christie, Ian Fleming, George Bernard Shaw, Turner and HG Wells. The project will look to restore the town to its former glory and popularity, following its decline in the 1980s and 90s.
Margate
Margate was the first seaside town to introduce deck chairs, such was its draw to holiday makers, and Margate Renewal Council is hoping to reignite the town's popularity with Londoners as a place to live, visit and invest in. The town retains much of its history - housing the UK's oldest rollercoaster and the second oldest theatre in the country. The focus of the regeneration project will be the Turner art centre, inspired by the artist's paintings of the area.
Chatham
With the average property price 31% lower than the rest of the South East, Chatham is widely anticipated to see the greatest increase in property prices.
The town developed around a naval dockyard, now a World Heritage Site, and 'Chatham City Vision' aims to create a vibrant city which will be a major cultural centre in the Thames Gateway, including the redevelopment of the existing town centre with new retail, leisure and housing schemes. A new integrated Medway Campus in Chatham from the University of Greenwich, University of Kent and Mid Kent College with an investment of £47.5m, has increased demand for rental properties.
Andy Smith, Managing Director of 1st Property Investment Limited, comments: "When the rail links are in place these Kent water-side locations will be better connected than some areas of London. It will take more time to get from Putney in zone 2, into the city than it would from Chatham, where the journey time will be under 25 minutes. On top of this, buyers will get a property for a fraction of the price of a London home. Furthermore, with the number of Canary Wharf and city employees increasing it is unsurprising that people are looking to buy to the East of London.
"Not only are the transport links appealing, but so is the lifestyle. Kent is close to London, and yet far enough away to have its own identity. The good climate, the draw of the countryside, sea and beaches, combined with the London-conveniences supplied by the various regeneration projects, make the areas excellent investment opportunities."
