Why Morecambe?
One of the most recent announcements is the £50 million allocated to the Eden Morecambe project. Initial preliminary work on site has already begun and construction is estimated to take approx 3 years. The Eden project in Cornwall, opened 20 years ago, attracts visitors from all over the world and has had a major impact on the surrounding economy.
Eden Morecambe is expected to attract in the region of 750,000 visitors a year to the town. As the combined population of Lancaster and Morecambe is only in the region of 88,000 you can imagine what a terrific impact this will have on the regeneration of a once bustling sea side resort.
The need for additional short term accommodation is going to be huge as people visit Eden Morecambe and no doubt many of them will want to take the opportunity to explore the near by beauty of the Lake District on the same visit.
Much of the existing Morecambe property lends itself to this type of need because of the abundance of guest house style terraced properties built during its holiday destination hey days a century ago.
Add to this the spike in Morecambe property searches experienced by local estate agents every time a new series of the popular TV drama “The Bay” comes out (series 4 currently being filmed here as I write) and perhaps you will see why there is going to be a “Gold Rush” for quality properties in Morecambe over the next few years.
Why Lancaster?
Like Morecambe and Wise, Morecambe and Lancaster are a terrific double act. Lancaster sits above Morecambe, with fabulous views across the bay. A major contributor to the Lancaster economy is the University. Established in 1964, it now boasts over 15000 students and 3000 staff. The growth in the demand for student accommodation has put pressure on the availability of both rental property and property to purchase overall in the city.
Lancaster already has a great deal to offer visitors with its castle, museums, bars and restaurants along with its proximity to the lake district. With the addition of the Eden Morecambe project and the imminent redevelopment of the Canal Quarter, we can expect continued opportunity for lgart property investment in the area.
If your not sure how to go about it, then why not let Street Beat help you exploit the fabulous opportunity for property investment in these two tremendous towns and cities. Take a look at our “three keys to the door” page.