With major investments that mean the region is predicted to become a hub for thousands of skilled and high-profile jobs, there has never been a better time to invest in a property within the North East.
Several new landmarks set to take the region by storm will see more people moving here, which could lead to a heightened demand for housing. This makes now the perfect time to consider investing in a property in the North East, with many opportunities on the horizon.
After all, the region is already home to some highly successful businesses including Northumbrian Water, Arriva, Northern Powergrid, Sage Group and Magnet. So, even more companies relocating here can only mean more positive investment in the coming years.
Of course, this is all part of a rising trend known as Northshoring. This refers to when a portion or even, more positively, all of a business, moves from the South to the North.
So, what landmarks can we soon expect to see within the North East and how will this have a positive effect on property investment and development?
HM Treasury North Campus in Darlington
A number of senior civil service positions that cover a wide range of sectors are set to be moved to the North East following Chancellor Rishi Sunak’s announcement that the Treasury North campus will move to Darlington, in County Durham. These changes will additionally mean that two director generals will be based right here within the region.
Therefore, this means there is likely to be a surge of people moving to the North East to fill these roles, which will be a likely contributor to a greater need for housing in the region.
Freeport to be developed in Teesside
Another huge landmark that is set to be based in the North East is a freeport in Teesside, following a successful bid that had been submitted in early 2021. Unlike normal ports, the usual customs and tax rules aren’t implemented at freeports, making it more appealing.
But, even better still, it is set to create over 18,000 excellent quality and well-paid job roles over a five-year period. The freeport will include numerous sites such as Teesside International Airport, Teesworks and the Port of Hartlepool. Again, this will bring much-needed investment to the region and will hopefully encourage more people to live here.
Gigafactory coming to Blyth
The first of its kind in the UK, a £2.6bn Gigafactory is set to come to Blyth in Northumberland. The factory, which will be located at the former Blyth Power Station site, will create batteries for electric cars. Of course, it will also bring around 3,000 jobs here, too.
BBC Tech Hub in Newcastle
With an aim to boost the North East creative sector, the BBC is set to make a huge investment in the North East. During the next five years, around £25m is due to be spent, a portion of it going toward a brand-new tech hub that will be based in Newcastle city centre.
Part of the broadcasters aim to move resources out of London, the BBC’s new hub will mean that 70 jobs will be created. Although not as high as the other numbers, it will still bring a much-needed boost to the region. More skilled roles will provide opportunities for investors and developers, with more people likely to be relocating to here within the next few years.
So, with this long-anticipated investment and publicity, the North East has a bright future ahead. It will no longer fall behind other regions and will now be more successful than ever.