Savvy landlords set to cash in on Eden Project Morecambe property boom

Work is due to start later this year on the £100m attraction destined for Morecambe promenade after the Government awarded £50m Levelling Up Fund cash for the project.

Eden Morecambe is being heralded as an opportunity to reinvent and rejuvenate Morecambe into a 21st Century seaside resort.

And property expert Jonathan Rolande, founder of the National Association of Property Buyers, says one of the most immediate things we are likely to witness is a surge in landlords keen to buy in the area.

“The more I read and learn about the Eden Project in Morecambe, the more I am convinced about the massive impact it is going to have on the region’s property sector,” said Jonathan.

“We really should expect to see a lot to start happening in the property sector in Morecambe because, unlike politicians, property developers look to move fast.

“Forward-thinking landlords… are already likely to be looking at how they can best take advantage of the projected new demand. This demand will be focused on homes that can be let to employees as well as short-term opportunities for Airbnb-style landlords who can provide a bed for a night or two to those one million extra expected visitors.

“But buyers wanting to jump on the bandwagon should take a moment to pause. They must remember it is very likely additional licensing requirements will be introduced to try to police the letting market, especially for those looking to offer short term lets that can cause so much disruption to neighbours and the local community. There is also the risk that if there are too many properties to let it will drive down prices and increase unlet periods.”

Jonathan said commercial landlords are likely to receive the biggest dividend with less regulation than residential property and due to the prospect of visitors needing a place to buy food, drinks and souvenirs. With around a quarter of shops in the area vacant, this could offer a very welcome boost to the region’s prosperity.

But he warned this potential gold rush could impact on the local community.

"Without tight safeguards, local people face being priced out of their own neighbourhood – especially those who are most vulnerable and haven’t been able to enjoy the expected uplift in employment and wages,” said Jonathan.

“Many investors will come from outside the area so rents may soon disappear from the local economy, reducing the boost that would be enjoyed if visitors stayed in locally-owned hotels and B&Bs.

“The Eden Project will be certain to boost the entire community by some degree, but, as is so often the case, it is likely to be those who already have the capital to spend who will benefit the most.

“Affordable housing, holiday homes and tourist economies are big issues in many coastal towns and holiday regions. Some councils have taken measures to control the situation, such as with second-home taxes.

“But when you take all things into account I get a real sense that the town’s fortunes are on the up after a spell in the doldrums.

"Its location, for one, is perfect. The town stands just a few miles northwest of Lancaster. It has views across the bay to the Lakeland Fells and the sunsets over the water are among the most spectacular you’ll find anywhere.

“It has great transport links too; it’s easy to get to Manchester and Liverpool and also to the Areas of Outstanding Natural Beauty, the Lakes, the Dales, Arnside and Silverdale. These are all big pluses from a property developer’s point of view. The timing feels right too.”

Morecambe is not the only seaside location to have experienced a spike in interest of late, with parts of Devon and Cornwall also seeing a jump as people re-evaluate their lifestyles.

Jonathan said: “Much of this has been driven by the move towards a different style of life post-Covid.

“This has seen more and more people being attracted by the idea of a move away from the big cities to seaside and rural spots where they can work from and also lead a happy, healthier life.

“This shift in lifestyle, coupled with the arrival of the Eden Project, means Morecambe has more to offer now than it has in many, many years for property developers.”