BRIGHT
LIGHTS, BIG CITYNottingham
is experiencing its biggest property boom in 25 years. But is city
centre living all that the glossy brochures would have us believe? It
was once the cradle of the Industrial Revolution with its textile
factories and lace mills. Today
Nottingham's Lace Market is a property hotspot with loft apartments
and luxury flats. It's
being transformed into a vibrant 24 hour city quarter, with trendy
restaurants, bars and leisure attractions. City
centre livingThe
Lace Market isn't the only area on the wave of the renovation boom.
Nottingham's
waterside is also being transformed with new luxury housing for
the first time. So
what's the attraction of city centre living and why are we flocking
back to our cities? | A
room with a view - residents buy a fabulous view of Nottingham's
skyline |
As
well as being hip and trendy, residents find themselves at the heart
of where the action is. Cafes,
restaurants and bars are literally on their doorsteps. But
this luxurious lifestyle comes with a hefty price-tag. The
going rate for city centre apartments ranges from 拢100,000-拢300,000
in price. There's
even a penthouse where the rent is more than 拢500 a week. City
centre living isn't all luxurious. Rubbish, graffiti and noise are
frequent gripes for new residents. The
new luxury flats on Maid Marion Way also have the unenviable tag
of being located on the street that was voted Britain's ugliest
in the early 1990s! Buzzing
with life...Cities
like Nottingham, Derby and Leicester are experiencing a shift in
the type of properties people want to live in. Forget
about the suburban semi or the detached three bedroomed house. | Luxury
living overlooking Nottingham's Maid Marion Way |
Today's
young professionals want to show off and indulge in a cosmopolitan
lifestyle. Their
attitude is very much "if you've got it, flaunt it!". So
just who can afford to live in the in lap of luxury? A high
proportion of the new residents are young professionals with high
salaries and no children. Rob
Hudson, a financial analyst and Lace Market resident, says, 鈥淚
love it here. I was sick of wasting so much time travelling to work." "I鈥檝e
given up the car and it鈥檚 great I can walk to work now. I鈥檓 surrounded
by bars and restaurants and don鈥檛 need to get a taxi home,鈥 he says. Stepped
in historyOne
of the attractions of Notingham's Lace Market is its rich history
routed in the boom years of the Industrial Revolution. It's
ironic that the cramped and noisy lace workshops are now
home to luxury flats. A
sound investment?From
lace to leisure, Nottingham is re-inventing itself as a vibrant
24 hour city. But
will the city centre property bubble burst when the fashion for
loft living wears off? What
will the re-sale value of these flats be in a decade's time? Some
estate agents advise on putting your money into a house on the outskirts
which
would appeal to a wider range of potential buyers. Whatever
the future holds, the Lace Market is once again is being restored
to its former architectural glory. For
the residents, it's still set to be THE place for living and partying
for some time to come. |