Commuter belt property investment in Luton is set to see a rise in demand following the regeneration of one of the area’s most important transport hubs.
Plans have been announced for a massive expansion of Luton Airport and to boost the economy in the surrounding area, with the project set to deliver significant benefits for investors and for buyers looking at entering London’s commuter belt property investment market.
Creation of the Luton Airport Enterprise Zone will now complement a 30-year expansion plan for the facility and the surrounding area from Luton Council, with a combined £1.5 billion investment in Luton helping to deliver new opportunities for businesses and developers alike.
Major expansion plans to support Luton’s growth
Spread over 395 acres and consisting of three linked sites surrounding London Luton Airport, the Enterprise Zone will offer a massive boost to commercial interests in the area over the coming years.
The development is aiming to attract businesses in the aerospace, engineering and advanced manufacturing sectors, with a range of specialist support services on offer, including:
Councillor Andy Malcolm, chair of London Luton Airport Ltd and Luton Council portfolio holder for finance, commented: “London Luton Airport is a huge success story.
“On the back of 44 consecutive months of passenger growth, it is the fifth-largest and fastest growing major airport in the UK, sustaining an estimated 33,000 jobs across the region and contributing more than £1.5 billion per year into the UK economy.
“The airport’s growth has been so fast, in fact, that at its current rate, it is due to reach the current permitted capacity of 18 million passengers per annum in 2021.”
Indeed, the positivity around Luton Airport is increasing all the time, with the facility undergoing a £110 million expansion at present to ensure passenger capacity is able to double over the next three decades. In addition, more destinations are being added to the roster of flights coming into and leaving Luton every year.
Jobs boost expected and great news for investors
Overall, this massive expansion of Luton Airport and development of the associated Luton Airport Enterprise Zone is expected to deliver upwards of 8,000 new jobs in the coming years.
It is a major boost for the Bedfordshire town and represents one of the most ambitious infrastructure and economic development projects taking place in the UK right now.
Indeed, it is work that is also being supported by several major projects to enhance transport links in the surrounding area. This includes the £31 million upgrade to Junction 10a of the M1, installation of the £90 million Luton Dunstable Guided Busway and the launch of the £26 million Luton town centre transport scheme.
Commuter belt property investment
The profile of Luton as one of the UK’s hottest new development sites is therefore growing all the time, with investors set to benefit from a major influx of new travellers, residents and businesses that will all help to push up demand for commuter belt property investment projects.
Demand for homes is only set to grow across Luton and the surrounding area in the years to come. Experience Invest will launch a new residential buy-to-let investment in Luton in early 2018. Contact us today for pre-launch information on the project.
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