Weaving a new future
Paisley is on the brink of a property revival and for investors the time is now, writes Paul Drury
TImInG, they say, is everything. And this could be the right time to invest in Paisley, once the biggest town in Scotland. Unfortunately for its ‘buddies’, the principal community of Renfrewshire registers most of its glories in the past.
It was the centre of the weaving industry in the 19th century, achieving global recognition for its famous Paisley Pattern. It has a 12th century abbey and a fine Victorian town hall.
But as of 1993, all of its mills had closed and the town followed a bit of a downward spiral.
Of course, councillors did not help by sanctioning the construction of the Braehead Shopping Centre on its outskirts, draining millions from the local high street.
now, however, Paisley could be on the brink of sparkling urban renaissance as it has found itself on the shortlist for the UK’s City of Culture title in 2021.
The economic benefits of staging the major arts festival are not set in stone, but forecasters put the potential number of new jobs at 4,700 over a decade and £172million of investment.
A rise in property values could be expected as in Hull, the title’s current holder, where estate agents report annual rises of up to 7.5 per cent this year and next.
Just like the town itself, one prospective property that appears a good bet has its roots in Paisley’s past. The former St George’s Church in George Street has undergone a renaissance of its own, converting from an 1820 place of worship to a collection of cool 21st century apartments.
The shared atrium is nothing short of jaw-dropping, creating the kind of visual impact which could make it a stunning public venue for a Paisley 2021 music recital, perhaps.
Flat 4 is a two-bedroom apartment being sold by Aberdein Considine for the reasonable price of offers over £105,000.
It has a reception hall, with large built-in storage, and an open plan lounge leading to a modern refitted kitchen.
There are two double bedrooms, making full use of the huge space afforded in a former B-Listed church, and a modern bathroom.
When the building was converted nine years ago, it came equipped with electric heating, double glazing, a secure entry system, private parking and access to communal gardens. Flat 4 is in walk-in condition. Dougie Telfer, a Glasgow Partner with Aberdein Considine, says the ‘feel-good factor’ from the City of Culture bid alone is increasing interest in Paisley. And he believes a win could trigger a significant increase in local property prices.
HE said: ‘Should financial predictions come to fruition, it is likely to have a positive impact on the local housing market, leaving a lasting legacy for all of Renfrewshire.
‘In Hull, the current holders of the title, some agents were reporting year on year price increases of between 5 per cent and 7.5 per cent, with many forecasting the same again for the year ahead.
‘I can see no reason why we wouldn’t see a repeat of this in Paisley – so now would a good to time to invest.’
Offers over £105,000 to Alison neilson at Aberdein Considine. Tel 0141 639 2277 or email newtonmearns@acandco.com