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Developers Lock in Profit
Along Britain’s Canals
there’s a huge responsibility on developers to
As new figures reveal the financial rewards of investing in continue the narrative of the area in a
canal-side properties, Yuda Ambalo, Managing Director at
sympathetic way. Sites by canals often come
with their own unique history and style, and so it
Investland, discusses the benefits of developing by
is essential that the rush for canal-side properties
does not lead to the charm of any given area
waterways and the responsibilities such projects bring.
being damaged.. If done correctly, Britain’s
impressive legacy of canal-side buildings can be
t’s no secret that the housing market is problems with unloading materials and makes a utilised and accommodated to create exceptional
I
going through a difficult time right now. noteworthy reduction in the emissions used in living and working environments.
As the general economic slowdown construction process. The success of using the With the temptation to combine historic
continues, the government has predicted river Thames to transport materials during the buildings and modern developments comes the
house price falls of up to 10% this year - construction of the London Eye is perhaps the responsibility to avoid a piecemeal and
the outlook for property developers throughout highest profile example of this, and there are uncoordinated approach. The planning
the UK is looking uncertain. For those in currently a number proposals to use London’s process will often act as a safeguard to strike a
search of a silver lining, canal-side properties canal network to help support construction balance between old and new and the impact
could be the bright point of an ever expanding surrounding the 2012 Olympic sites. that this will have on the surrounding area, but
black cloud. Partly in response to this renewed focus on developers, designers and architects must
Research has shown that London’s canals London’s canal network, Westminster Council shoulder some of that burden as well.
are becoming a major selling point for has signalled its intent to invest £500,000 in We have been particularly conscious of this
properties, adding around £100,000 to the giving a large section of the Grand Union Canal responsibility with our own projects around the
value of a scheme. In some cases, a much needed facelift. This decision has Kingsland Basin. The area now combines
developments in close proximity to canals can understandably received a warm response from modern and stylish apartments boasting
receive valuations more than £250,000 higher British Waterways, the public corporation that contemporary facades with restored and
than equivalent properties without the unique manages more than 2,200 miles of canals and converted Grade II listed warehouses.
selling point of a neighbouring waterway. rivers across Britain, who are keen to see While satisfying the demand for residential
For a long time, waterside locations have investment in the properties that line canals to properties and transforming a previously
added value to developments throughout the help promote them as new leisure destinations deprived area, this approach maintains the
world, but canals are often overlooked – they for walking, cycling, boating and fishing. area’s history and ensures that the architecture
certainly haven’t had the same attention as It is not just London that’s seeing renewed retains a relevance and context. The large
riverside or seaside sites. However, that trend is interest in canal-side locations. The Manchester number of live/work apartments has led to the
starting to reverse. Our research shows that Bury and Bolton Canal has been the focus of area becoming popular with artists and small
canal-side living is fast becoming one of the £180 million in private investment to create businesses, and has fostered a community of
most in demand areas of the property market. 1,300 new homes and over 6,000 jobs. design-led small businesses that has thrived in
What’s more, canal-side properties are Similarly, the old warehouses and red brick a rejuvenated setting.
continuing to increase in value – even in today’s buildings that line Rochdale Canal have had Canals offer property architects a huge
challenging market. £250 million invested in developing them into environmental, cultural and economic asset
As well as the obvious lifestyle benefits, there residential and commercial properties. which remains largely untapped – there’s a lot
are also significant environmental benefits of The Birmingham city centre canal network has of unrealized potential here. As architects wake
building a property next to water, adding proved a catalyst for urban regeneration, while up to the possibilities it is essential that the
another major plus point for developers. schemes in Preston and Wolverhampton are design and renovation of the nation’s waterways
Using waterways to transport materials during also making full use of the nation’s waterways. is completed in a careful and inspiring way.
the construction of properties can ease the When looking at canal-side sites, though,
245
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246 247
www.egger.co.uk
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