Investing in Cornwall
The stunning landscape and laid-back lifestyle are often the initial draw to Cornwall, but there is so much more on offer. It is a thriving county in a complex multitude of ways, and one which has always embraced the opportunities of change. Though famed for tourists and tractors, only around 30% of the economy is accounted for by farming and tourism. Clearly 'ploughing, pasties and Poldark' are an important part of the picture, but it's businesses in sectors such as technology, space, software development, sustainability, engineering, aerospace, marine, manufacturing, agri-tech, education, the creative industries and the service industry that are leading the way to the Duchy's exciting future. An area of Cornwall has even become known as 'silicon corridor'. This industry alone, centred around Camborne, Pool, Redruth and Truro, contributes tens of millions annually to the Cornish economy. The tech sector recently saw over 20 start-up businesses get off the ground over a 12 month period. With a growth rate of 31% in the last five years, compared with a 17% growth rate nationwide, this is a sector with a very bright future.
'Connectivity' might not be the first word that springs to mind when remote Cornwall's beautiful shores enter your thoughts. However, the county's economic growth already outperforms the UK average, and it's accelerating. This is helped by an unparalleled level of digital connectivity that connects Cornwall to global markets. Superfast Cornwall was the pioneering programme for Superfast Broadband in the UK, and provides 95% fibre coverage to the region. Cornwall also boasts the world's biggest rural fibre broadband network. This changes the way that existing regional businesses operate, and allows the county to be viewed as a viable location for global business.
Cornwall's connectivity doesn't stop there, with trains, planes and even future space travel playing a part. Trains into London are frequent and convenient, with a sleeper service, and a journey time from Truro to Paddington of around 4 hours. Cornwall Airport Newquay is growing faster than any airport in the country. This gives Britain's far southwest corner direct access to a number of national and international destinations. And, space tourism might be on it's way! Space launches could be taking off from Spaceport Cornwall within just three years, after an agreement was reached with Richard Branson's Virgin Orbit in summer 2018. It means that Spaceport Cornwall will be the horizontal launch spaceport for the UK. Although the facility at Cornwall Airport Newquay will initially launch satellites, it could eventually host space tourism flights with Virgin Galactic. Spaceport Cornwall have discussed a potential £1 billion investment by Virgin Orbit, bringing £25 million into the Cornish economy annually, and creating 480 jobs.
All this sits within a quite unique cultural framework. The Cornish talk of ROR (return on relationships) as well as ROI. Business opportunities in the region are enriched by a lifestyle that fits with an emerging generation's priorities. A happy, healthy life is one which balances working hard with outdoor living, the pursuit of personal passions, and a holistic approach to life. Cornwall offers an enviable lifestyle, and is rich with opportunity for sustainable growth.
The development of this burgeoning economy points to a Cornwall that is innovative and entrepreneurial; a real destination for investment. The growing economy brings ever more professional talent to a county which, like the rest of the UK, is falling short of targets for the development of new homes. Greenway's two main focuses are on the provision of high quality HMO rooms for professional tenants, and on the development of existing buildings into much needed residential accommodation; a focus that fits perfectly with an ever increasing demand from the expansion of our ideal demographic.
Investing in Truro
Leading logically on from this, one of our current main locations for investment in Cornwall is in its county town. Truro is Cornwall's single city, and the centre for retail, leisure and administration. Truro's status as such is unusual, as only the fourth most populous settlement in the Duchy. There are over 20,000 jobs available in the city, compared to less than 10,000 economically active residents. As well as necessitating commuting for local workers, this also results in a very high demand for room rentals. Average wages are higher than the rest of the county, and house prices and house price growth are very strong. There is a heavy demand for new housing, and a call for inner city properties to be converted into flats or houses to encourage city centre living, and to reduce the dependence on cars. Major employers include the Royal Cornwall Hospital, Cornwall Council and Truro College. Royal Cornwall Hospital is the main district general hospital for Cornwall, and also provides training services for the University of Exeter medical spa.
Investing in Falmouth/Penryn
In 2018, the beautiful port of Falmouth once again made it onto the Sunday Times 'Great Places to Live' list. The paper declared it an "all-season arty-party town", and cited its "four fine beaches", "speedy broadband" and "the rapid expansion of the university" as significant factors in its growth and renaissance. Falmouth is an extremely popular holiday destination, with a relentless calendar of wonderful festivals and events, even welcoming frequent cruise ships into its harbour. Although maritime activity has declined since its heyday, it is still a major contributor to the town's economy. With the third deepest natural harbour in the world, Falmouth is Cornwall's largest port, with busy working docks. It frequently hosts Royal Naval warships and Royal Fleet Auxiliary vessels. It is a cargo port, and also home to Pendennis Shipyard, who build and repair luxury yachts.
Alongside the jobs in tourism and the marine sector, Falmouth is home to a significant part of Cornwall's strong and growing education sector. Ten years ago, Falmouth hosted a small art college. Now, the student population has swelled to over 5,000 undergraduates (bearing in mind that Falmouth has a population of ~20,000) across multiple sites, universities and disciplines. Falmouth University - with Dawn French as chancellor since 2015 - offers courses chiefly in art, design and the media. It has two sites; a town campus, and another co-located with the University of Exeter at Tremough campus in neighbouring Penryn. Penryn was once an important town and harbour in its own right, and is located just 1 mile northwest of Falmouth along the Penryn river. It is also starting to see significant growth and development as a result of university expansion. The University of Exeter, Cornwall Campus, offers a range of courses, often with a focus on the environment and sustainability, and also hosts the world-renowned Camborne School of Mines, which specialises in the understanding and management of the of the Earth's natural processes, resources and the environment. Finally in the tertiary education sector, Falmouth also plays host to Falmouth Marine School, with their specialisms include boat-building and marine engineering.
The inevitable result of the lively employment market and vibrant lifestyle attracting so many people into Falmouth and Penryn, is that demand for accommodation is incredibly high. Quality, well-run HMO rooms and other residential accommodation for students and professionals are required in ever increasing supply. The popularity of the town for students has led to the implementation of an Article 4 direction, but Greenway sees this as a pointer to ever greater opportunity.