Seaside regeneration to boost property market

A national scheme to regenerate the country’s coastal towns will provide a major boost to local economies and attract new residents to the locations involved, reports Email4property.co.uk, the largest online network of estate agents.

The “Sea Change” government-backed initiative led by CABE (the Commission for Architecture and the Built Environment) aims to regenerate seafront resorts across the country through a range of cultural, heritage and public space projects, with the aim of boosting local tourism and contributing to wider economic development.

The CABE grants must be match-funded by local authorities, a minimum of 50% for grants up to £1 million, and a minimum of 100% for those over £2 million. It is hoped that this investment will also support the local housing industry, both in terms of rental market and price growth in years to come.

Steven Lees, Head of Marketing for Email4property.co.uk, comments:

“As well as working to attract a new wave of tourists, the goal of Sea Change is to offer a catalyst to enhance local culture and support wider regeneration programmes in some of the country’s key seaside resorts. While improving the quality of life for existing populations, the scheme could also work to attract new residents to the area, offering strong support to the local housing market.”

Among the locations set to benefit from the scheme is Great Yarmouth, which will receive a £3 million grant to regenerate the historic Deneside area of the town. This includes a central scheme to develop a Grade I listed chapel into a new arts centre and hub for the community, as well as the restoration of historic buildings in King Street and the creation of an outdoor public space at St George’s Plain.

Mark Duffield, Senior Partner at Aldreds Residential in Great Yarmouth comments:

“With this grant the eventual net benefit for Great Yarmouth will be substantial. It will provide an attractive new focal point for the town’s cultural centre, in the form of a first-class new pavilion and considerably enhanced public outdoor space. It will also greatly improve the street scene in key areas, thanks to the restoration of a number of historic buildings in King Street.”

Southport, is another destination in line to receive a grant - £4 million towards creating a new cultural centre. It is hoped that the proposal to develop Lord Street’s Grade II listed Arts Centre, library and art gallery, to include an improved theatre, museum and music venue, will help to protect the local heritage while increasing the towns overall attraction to visitors.

Danny Withall, Manager of Oakleys Estate Agents in Southport, comments:

“Southport has already benefitted from a substantial regeneration effort, with improvements made to Lord Street and the Promenade. This has helped to increase the town’s attraction and bring in a new influx of people. These further proposals to enhance the cultural centre and support Southport’s status as a seaside resort through the Sea Change funding, can only be of benefit to the area and could work to boost the local housing market.”

UK destinations in line for Sea Change grants:

Devon

Teign
Westward Ho!
Ilfracombe
Torbay

Dorset

Boscombe, Bournemouth

Kent

Margate
Dover

Lancashire

Fleetwood
Blackpool

Sussex

Bexhill-on-Sea
Littlehampton
Hastings

Yorkshire

Withernsea
Bridlington

Plus:

Berwick-upon-Tweed, Northumberland
Weston-super-Mare, North Somerset
Tynemouth, North Shields
Southport, Merseyside
Great Yarmouth, Norfolk