Thousands of jobs to be created thanks to Coventry’s recent expansions and developments.

10/03/2016

Thousands of jobs to be created thanks to Coventry’s recent expansions and developments.

Jaguar Land Rover Logo

The London Taxi Company Logo

The Proving Factory Logo

Friar Gate Coventry Logo

Multiple companies and businesses are to expand across Coventry and surrounding areas during 2016 and even lead into 2017. This is excellent news for Coventry residents in regards to the thousands of new jobs that are becoming available in the city and also business owners as the revenue rises and more money is brought in. Other people who may also receive a positive outcome are Landlords and people looking to sell their properties as the market starts to rise for properties within the surrounding areas. For more information on how these expansions and new developments can benefit Landlords, please read on.

Jaguar Land Rover

Amongst some of the recent Coventry business expansions is Jaguar Land Rover (JLR) with the total cost amounting to a whopping £500m. JLR are looking to create a new Industrial Estate at the research and development centre based in Coventry that will bring in thousands of new jobs to both the City it is located in as well as its surrounding areas.

Jaguar Land Rover is a company that brings together two much loved, highly prestigious British car brands. After Tata Motors acquired Jaguar and Land Rover from Ford in 2008, it merged the two marques into a single company and its success has flourished, with memorable vehicles and innovative technologies that add to a long-lasting legacy.

With the production of the expansion taking off hopefully by the end of this year, Coventry’s property stats are looking to start rising in the area of Whitley from the end of 2017 as the new jobs start to become available.

This is fabulous news for anybody currently looking for buy-to-let properties in Coventry and any current Landlords in the surrounding areas of the estate e.g. Whitley and Willenhall. Please see below the data collected via ‘Rightmove’ for both areas and find out the demand your property could receive!

Whitley (CV3): One Month Total Searches – 1,616

Willenhall (CV3): One Month Total Searches – 13,505 (This is a well-known area for people receiving benefits)

London Taxi Company

Another company planning on expanding their current site is the London Taxi Company (LTC). They are a Coventry based business located in the Coundon area.

They are looking to build a brand new, state-of-the-art factory and development site on the outskirts of Coventry in Ansty Park. This expansion is going to cost LTC’s investors, Geely, around £250m to produce and bring in up to 1,000 new jobs.

LTC are looking to create the next generation black cab also known as ‘the green cab’ which will be an ultra-low emissions vehicle to comply with new regulations being introduced by the Mayor of London, that will reduce the level of emissions allowed from new taxis from January 2018. Currently creating just under 2,000 vehicles a year, the London Taxi Company are looking to produce up to 36,000 once the expansion is complete.

With the new site being built on the other side of Coventry in the area of Walsgrave, current staff may also be relocated to the new site meaning even more demands for the surrounding areas of Binley/Binley Woods and Walsgrave. Please see below the data collected via ‘Rightmove’ for both areas and find out the demand your property could receive!

Walsgrave (CV2): One Month Total Searches – 3,866

Binley/Binley Woods (CV2): One Month Total Searches – 2,042

The Proving Factory

In other news, more than 150 jobs have been secured at a unique Coventry based automotive facility. The Proving Factory is a collaborative business which offers a unique engineering, manufacturing and assembly solution for the UK automotive industry.

The factory is helping to create environmentally-friendly cars of the future thanks to a Government grant to help develop more efficient gearboxes. The company have been granted £16.6million to develop the transmission systems of tomorrow. The grant will also be matched by private funding’s which will then bring the total to £33million creating an initial 60 new job roles in Research and Development. If successful, the plan is to move half of the 60 new jobs over to Jaguar Land Rover as well as another 130 jobs in Manufacturing and Engineering roles.

This new development will start taking place later on this year (2016). For any landlords looking to expand their portfolio, now is the time to prepare and start looking in the areas of Cheylesmore, Styvechale, Willenhall and Whitley. Don’t feel so confident in those areas? Not too sure you know enough about the location to find the right property? Then let us source the perfect property for you!

As you can see in the data provided throughout, demands in these areas are already quite high. Can you imagine then adding on another 2,000 people relocating to the previously mentioned areas. These are the numbers of people who could be searching for potentially your property!

Cheylesmore (CV3): One Month Total Searches – 3,789

Styvechale (CV3): One Month Total Searches – 465

Friar Gate

Likewise, creating more jobs in Coventry, is Friargate which can be located on the site of Coventry’s train station. The new development will create up to 15,000 jobs across a range of sectors covering a 37-acre site. This creation will not only include offices but also restaurants, bars and shops. Additional to this there will be two brand new hotels and brand new homes!

The planned Coventry South Precinct development, is designed to meet today’s needs and requirements and integrate into an online shopping society rather than the 1960s shop store requirements.

The newly proposed residential area will be located within the quieter areas of the site, particularly close to Grosvenor Road and Manor Road. In addition to this, outside the station itself, a new route for taxis will be implemented to relieve any congestion on the residential streets. This will be alongside a dedicated drop-off zone for private vehicles enabling better management of traffic flows.

This brand new development is going to have a large impact on the residential area’s surrounding including Cheylesmore, Styvechale, Canal Basin and Drapers Fields. For landlords looking to invest in Coventry City Centre locations and nearby, late 2016 will be a good time to do so! If you find yourself unsure of the areas and would like some reassurance that you are renting in the right area for your target audience, feel free to give the office a call on 02476 100 390 and we will help with any queries or questions.

CV2 – Market Rent Summary

Summary of Properties for Rent:

Total Properties for Rent	275
Properties for Rent (Listed in the last 14 days)	40
Average Property Rent	£1,036pcm

Summary of Properties for Rent (By Price):

	No. of Properties
Rent under £250 pcm	1
£250 – £500 pcm Rent	94
£500 – £1,000 pcm Rent	85
£1,000 – £2,000 pcm Rent	69
£2,000 – £5,000 pcm Rent	23
Rent over £5,000 pcm	3

Summary of Properties for Rent (By Number of Bedrooms):

	No. of Properties	Average Rent
One Bedroom	28	£536pcm
Two Bedroom	52	£930pcm
Three Bedroom	56	£1,349pcm
Four Bedroom	49	£1,170pcm
Five Bedroom	21	£1,246pcm

Summary of Properties for Rent (By Type):

	No. of Properties	Average Rent
Room	42	£541pcm
Flat	54	£856pcm
House	165	£1,239pcm

CV3 Market Rent Summary

Summary of Properties for Rent:

Total Properties for Rent	205
Properties for Rent (Listed in the last 14 days)	30
Average* Property Rent	£919pcm
Median* Property Rent	£800pcm

Summary of Properties for Rent (By Price):

	No. of Properties
Rent under £250 pcm	2
£250 – £500 pcm Rent	55
£500 – £1,000 pcm Rent	85
£1,000 – £2,000 pcm Rent	48
£2,000 – £5,000 pcm Rent	15
Rent over £5,000 pcm	0