Paisley Property Market on the Rise
Paisley town hit the national headlines in18 December 2012 when the Scottish Government rated Ferguslie Park as the most deprived datazone. The damning statistical revelation was published in the Scottish Index of Multiple Deprivation 2012 (SIMD 2012). This was not shocking news for Paisley residents because Ferguslie Park topped SIMD’s most deprived datazone rankings in 2006 and was runners up in 2009. However, the news presented major concerns to the town’s administrators and investors alike because of the backlash it was likely to generate in the local business and political circles. Looking at the bigger picture, though, such panic and pessimism was unwarranted. Truth be told, Ferguslie Park is only but a small section of Paisley and its predicaments do not necessarily translate to doom for the entire town. Trends in the town’s real estate sector and other fundamental economic parameters, tell it all.
Real estate is the bedrock of Paisley’s economy but also the hallmark of its heritage. The mere mention of real estate brings to fore the renowned Paisley Pattern that has dominated the town’s architecture for centuries. Save for the property market glut that was widespread in the town and all over Scotland during the 2009 global economic recession, Paisley’s real estate and housing sectors have remained vibrant over the years. Property dealers in the traditional town centre have been raking in millions of sterling pounds as both residential and commercial property uptake continue to flourish. Property developers, estate agents and commercial property insurance providers are experiencing good business tidings. The Renfrewshire Chamber of Commerce has categorically outlined these abundant commercial and investment opportunities in the town.
The recently completed property developments have given Paisley streets major facelifts. One such development was the mega student accommodation facility that was completed at the University of West of Scotland’s Paisley Campus. The building was constructed at a cost of £17.6 million provided an additional 336 bed spaces for Paisley campus. The university’s flats in George Street as well as those that located along the Lady Lane were transformed tremendously with repairs that were worth £4.4 million.
Paisley Town Hall
Indeed, property trends in the town have been changing fast that the Renfrewshire Council issued a directive requiring all privately owned properties to be refurbished or risk demolition. The Council has already commenced repairs on some of its properties, including the Paisley Town Hall and Paisley Arts Centre. Notably, repairs at the Paisley Town hall will reportedly cost £1.6 million. The Council seeks to conduct thorough repairs on all the public facilities in Paisley that are within its jurisdiction. Private property owners were expected to take cue and ensure their properties met the new architectural benchmarks that have been set in the town.
Progressing and Planned Developments
Paisley has been dubbed Renfrewshire’s fulcrum of property for sale and indeed, it has lived up to the billing. The town has been transformed into a bee hive of constructions activities following the realisation of more and more commercial and public planned developments. Some of the major planned developments that are already underway include the Gilmour House, the Paisley Piazza Multi-Story Car Park and Tesco Superstore, Wallneuk.
Gilmour House was purchased by FreshStart Living in August 2012. FreshStart Living then converted this particular piece of architectural wonder from its initially intended office space facility to an accommodation facility for UWS students in Paisly Campus. The building has a capacity of 235 flats and students would have sufficient number of en-suite rooms to choose from. It was estimated that Gilmour House would be ready for use during the 2013 academic year.
NewRiver Retail, a leading real estate developer in Paisley, acquired the Paisley Piazza Multi-Story Car Park at a record-breaking cost of £68 million in 2011. Paisley 2020 reported that the building was earmarked for extensive renovations that were set to begin in 2013. The planned renovation will significantly improve the town’s parking facilities.
Tesco’s plans to put up a hyper retail store right at Paisley’s entry point, Wallneuk, have been underway since 2009. Tesco has been busy preparing and seeking approval for its architectural plan that will see the construction of giant a 24-hour shopping mall. The old structures and facilities that previously occupied the targeted site were demolished in 2012. The planned development is now at its advanced stages and construction activities were expected to commence in 2013.
Article written by Evelyn Moffat.