Interspersed with street art, craft beer pubs and creative working spaces, you could be mistaken in thinking you were walking through London’s Shoreditch. It’s Birmingham’s Digbeth, an exciting area that is experiencing a phenomenal amount of regeneration and has piqued the interest of Birmingham’s creative crowd.
Digbeth is conveniently situated just a five-minute walk away from the Bullring shopping centre. It was once the industrial heart of Birmingham and due to its location and affordability, has recently been pulled into the limelight and has undergone quite the transformation.
Now Digbeth is home to breweries and tap rooms such as Dig Brew Co and street food markets such as Digbeth Dining Club. Both day and night there is always something new to discover and the neighbourhood’s streets are buzzing with artistic expression. With these trendy new things to do in Digbeth, it is no surprise that it is becoming an appealing place to live and work for creatives. Due to the heightened reputation of the area, a creative working space called the Custard Factory (aptly named after the Bird’s Custard factory that occupied the same area) has been developed. It is now home to some of the country’s most creative well-known businesses such as the BBC’s digital innovation unit, Channel 5’s the Gadget Show as well as many digital start-up companies. It is also home to craft beer and cinema venues such as The Mockingbird, and Chitty’s Cakes – a cake shop that sells bespoke novelty cakes.
Another area with an emerging creative sector is King’s Cross. Google recently set up its new headquarters in the area and the office is the first outside of its US office to be completely owned and designed by the company. Other companies setting up office in King’s Cross include Facebook, the Guardian, Universal Music and Nike.
King’s Cross is just one stop from Euston, which will receive trains from Curzon Street in Birmingham. The total journey time will be 51 minutes. Curzon Street is just a ten-minute walk from Digbeth, making Digbeth a viable alternative for those who work in the creative industry in King’s Cross but cannot afford the high price tag of accommodation. King’s Cross has an average house price of £950,019 compared to £147,336 in Digbeth (according to Rightmove).
One particular investment option in Digbeth is Moseley Gardens, a new development comprising 67 one and two-bedroom apartments. Due for completion in Q2 2020, one-bedroom flats in Moseley Gardens start from £185,000. These could be an ideal option for someone looking to live in the area, or the astute investor who knows Digbeth will soon be one of the most coveted areas in Birmingham.
A lot of companies are investing in Birmingham and this is evident with HSBC’s chosen city for their new headquarters was Birmingham which created 1000 jobs. Also, Deutsche Bank increased the number of people they employ in Birmingham from 50 to 2,000. Outside of London, Birmingham produces the largest number of new businesses due to the availability of affordable office space, housing and young talent. It’s no surprise then that Knight Frank recently named Birmingham as the UK’s number one business hotspot and with the creation of new jobs, young talent has followed. In 2015, 6061 people moved from London to Birmingham which is more than to any other city.
As above, young talent has followed job creation. This has meant that Birmingham has a significant young population with under 25s making up almost 40% of the city’s inhabitants. Its young population lends itself well to the rental market, as they often don’t have the capital to buy a property and enjoy the freedom of renting before they decide where to lay down roots. The demographic can also contribute to capital uplift, as once they have saved up the money for a deposit, they will be a captive audience to purchase existing properties in the future. This makes buy to let investments particularly attractive, as there will be a significant demand for property from young professionals.
Contact us today to find out more about property investment UK and why Digbeth is one of the most exciting hotspots to be considering this year.
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