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Colne Votes Yes To Business Improvement District

Lancashire Business View have recently reported on business leaders in Colne voting overwhelmingly to introduce a Business Development District in the town.

The move will see the town self generate their own funds in order to boost the local economy in the town and surrounding areas.

In terms of the voting numbers 87 of 117 voted in favour the move of hitting 4 main objectives in Colne;

  1. Protecting the good image of the town as one of safety, welcoming and as an area of opportunity.
  2. Building effective partnerships between businesses, councils and organisations in the town.
  3. Maintaining the already bright and attractive presentation of Colne to maintain and attract further customers and businesses to the area.
  4. Increase the marketing of Colne focusing on the town’s features, high street, hills and wide choice of shops, events, culture, entertainment and markets.

The vote will see the above objectives implemented by 1st October 2018 and the programme will run for 5 years until October 2023.

Colne and Pendle Councils have supported the move wholeheartedly and local councillors and business people in the town have spoken enthusiastically of the decision.

You can see the original Lancashire Business View article here https://www.lancashirebusinessview.co.uk/colne-bid-will-catalyst-104932/

 

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Burnley – The Place To Invest In Property

Burnley The Place to Invest Into Property

Recent news reports over the past week have named Burnley as the number one place in the UK for property investors to achieve the highest average rental yields.

The national average rental yield is 3.6%, Burnley is delivering an average of 7.1%.

What is it that gives Burnley the lead on other areas in the UK?

Looking at the facts and after completing further analysis the average house price in Burnley is just £76,000. This figure is dwarfed by London areas such as Chelsea and Kensington where average house prices over over 1 million pounds.

The rental demand and rental figures for properties in Burnley are more balanced and in line with the property value and demand for the area, rent on an area such as Chelsea average at £42,528 dropping the yield at less than the national average. Making comparison to Burnley we will use our own recent purchase as a metric – we recently agreed a purchase on a 3 bedroom end of terrace property requiring zero investment on refurbishment for £50,000 and have agreed a long term rental of £500 per month delivering a 12% gross annual yield.

It is not just the average price and balanced rental figures – Burnley is currently undergoing heavy Government and Heritage funded regeneration in many areas of the town putting it at number 1 in the UK for this type of funding and development which is cleaning up many areas of the town, especially the outskirts and major road routes into the town centre such as Accrington Road, Trafalgar Street, The Weaver’s Triangle and more.

The town centre has benefited from a lot of development over the past 2 years and huge retail brands such as Primark have just opened in the town pulling in lots of interest and extra revenue for the centre as well as giving surrounding businesses a boost.

Burnley also boasts a UCLAN (University of Central Lancashire) Campus which is attracting record number of students from out of town and increasing rental demand amongst students. It was announced in January that UCLAN planned to increase students in the town by tenfold and to hugely expand the campus in Burnley by 2025 (Source BBC https://www.bbc.co.uk/news/uk-england-lancashire-42884453)

A direct rail link to Manchester has now been re-opened after many years closed meaning that Manchester business and student commuters have better options than ever before to travel to the city from Burnley without the need for long, busy bus or car journeys down the motorway.

Lastly – let’s not forget Burnley Football Club has just had it’s best season in over half a decade with a top 7 finish and European football on the cards this season, this is sure to attract huge media and investor interest in the town with the team performing consistently better year on year.

Taking all the above factors into account, we truly can say with confidence – Burnley is the place to invest in property!

(Image Credit to Roy Ainsworth Photography)