News
CANALSIDE LIVING IN BIRMINGHAM - October 2007
Philip Jackson, director at Birmingham-based city centre specialist estate agents, Maguire Jackson, paints a picture of how canalside living has helped transformed Birmingham over the last decade.
“Over ten years ago now, Birmingham celebrated Brindleyplace, a regeneration project that saw huge investment in the retail, leisure and residential resources.
“Amongst this exciting phase of rejuvenation, Crosby Homes’ Symphony Court development came to epitomise the beginnings of the explosion in 24-hour city living and the growing phenomenon of waterside apartments.
“Previously, the end of the working day meant a retreat to homes in the suburbs, but now more people are more comfortable staying in the city and making use of the wide-ranging facilities and leisure venues on offer.
“Since the construction of Symphony Court, a number of other canalside developments have taken shape, indicative of the popularity that waterside locations have acquired over the last ten years. As traditional industry and manufacturing moved back from the water, it has allowed people to put the waterways to a more leisurely use.
“Psychologists have suggested that water is linked to the unconscious and your emotional state. Calm bodies of water, such as those found in Birmingham’s canals, provide a tranquil setting and can have a de-stressing effect, whilst the ozone created by the water can help aid clearer and more composed breathing.
“As well as the peace and tranquillity such developments afford, residents in waterside properties cite the benefits to their overall health and well-being as strong factors in their decision to live by the canals, and more importantly, to remain there.[1]
“But these health and lifestyle benefits come with a price. We are gradually running out of prime canalside sites in Birmingham; space is at a premium, as are the prices. Two-bedroom apartments with canal views at Waterfront Walk, King Edward’s Wharf and Watermarque are regularly selling at £250,000 plus, with a few of these luxury homes at three times that or more.
“These existing canalside developments are now properly ‘settled’ and tend to be more popular with owner-occupiers.
“There is a silver lining to this sale and demand imbalance. If you own one of these properties with direct views over the canal, you can add up to 15% to the price of your apartment should you choose to sell. There’s a high demand for such luxury living spaces that bridge the divide between the bustle of the city centre and the tranquillity of Birmingham’s waterways.
“Developers and homebuyers alike face the problem of fewer available waterside sites in Birmingham, with perhaps the only major canalside location remaining on which to build will be in Digbeth, around the Icknield Port Loop and in the Gun Quarter.
“All these are aspiring areas close to the city centre but much work needs to be done before these areas actually mature.
“Although there’s often a long wait for any new canalside properties, all is not lost. A number of resale luxury, apartments are currently on the market and the crisp winter sun means that you can see these canalside homes at their best.”
1. The Waterfront Report, March 2005, conducted by The Daily Mail Ideal Homes Exhibition in conjunction with British Waterways and nPower.
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
