Bishopgate Gardens is a new, luxury development of 130 apartments in the city centre of Preston, in North West England. The one, two and three-bedroom homes come with exceptional communal spaces, while ground-floor retail units add neighbourhood appeal.
Occupying a prime area that is currently benefitting from over £434 million worth of investment, Bishopgate Gardens is well positioned to appeal to the city’s thriving rental market.
There is also a 6% net rental return guaranteed for 2 years on a cash purchase.
The Best of City Living
Preston shot onto investors’ radars in 2016, when the Good Growth for Cities index flagged it up as the best city in North West England in which to live and work. Preston is home to more than 140,000 people. The city’s population has boomed in recent years, with growth of 8.4% from mid-2001 to mid-2017.
A Booming Private Rented Sector
Preston’s private rented sector houses 22% of the city’s population – up from 10% back in 2001. It is the largest in Central Lancashire, with a need for 410 newly built homes per year for the next 10 years to keep up with demand.
Realistically, less than half of this figure is being supplied, with housing undersupply dating back years. A youthful population and sizeable student community creates plenty of demand for rental properties in an area where there is a substantial under-supply and rising rental prices.