Property Hotspot – A Vision for Lochgelly

A major new masterplan for the regeneration of Lochgelly, the Halifax (HBOS) top UK property hotspot of 2008, has been submitted to Fife Council for assessment.

Produced by consultants Entec on behalf of Revive, a consortium of landowners and developers led by Lomond Homes and Strawsons Property, the masterplan outlines a concept for the organic and sustainable growth of Lochgelly, up to and beyond 2026, into a vibrant place to live, work and play.

Lochgelly is a former mining town that has suffered economic decline in recent years. However, with an average house price of £118,838, 31% less than the regional average, a central location in Fife and excellent road and rail links to Edinburgh, Dundee and Perth, the area is expected to drastically outperform the national property market this year. Fife Council has also acknowledged the investment potential of Lochgelly by earmarking the town as a housing-led regeneration area within its structure plan.

The masterplan, titled A Vision for Lochgelly, includes building at least 1700 new dwellings, a new primary school, a new golf course, new local facilities and the redevelopment of town centre sites. A mixed leisure area and 25 hectares of employment land will also be created, with all proposals being complemented by a new highly visible entrance into the town and new park and ride facilities towards Edinburgh. The focus will be to link new development to the overall regeneration of town centre facilities through targeted investment and attraction of new retailers to a key town centre sites. Strawsons Property hope to attract retailers to a key town centre site.

Reflecting confidence in the growth potential, Lomond Homes has already started development, handing over the first new homes in December 2007. In order to encourage use of the excellent rail connections, Lomond Homes is giving each new home a free bike and will create a network of cycle lanes allowing easy access to the station.

Matt Mulderrig of Lomond Homes said: “These are just the first stages of creating a brighter future for Lochgelly. Revive is committed to moving forward in partnership with the community, Fife Council and other key stakeholders. In the coming months we will undertake intensive consultations to refine and add detail to the plans.”

Entec’s project director James Hall added: “The masterplan demonstrates Revives commitment to develop its vision for Lochgelly and I feel that Entec’s experience in regeneration is ideal to support the consortium in achieving its goals.”

Lomond Homes, Strawsons Property and Entec seek to meet with Fife Council to discuss the proposals early in 2008. In the meantime, it is hoped the town will continue to enjoy above average growth its housing market spurred on by Halifax’s predictions and interest in the Revive Masterplan.

For further information, please contact Entec's James Hall - hallj@entecuk.co.uk - or on 0191 272 6132.

For more information on the Halifax (HBOS) top property hotspots, go to http://www.hbosplc.com/economy/includes/29_12_07HousePriceHotspots2008.doc

Towns with Anticipated Highest House Price Growth in 2008

Click here to load the Entec home page