From surf shacks to top property investment

An increase in the popularity of surfing among London professionals has seen a surge in the popularity of property investment in Newquay, UK. The Guardian reports old beach lodges are being demolished in favour of new apartment developments, with units selling for up to £1 million each.

According to the paper, the Cribber Green Rooms, a former backpacker haunt on Headland Road, has sold for £2.5 million - seven times the price paid for it six years ago.

Quoted by the Guardian,Chris Baxter, of estate agents Bradleys, which handled the sale, said:

“This is a fantastic plot with views on both sides and close to Fistral beach, one of the best surfing spots in Europe. People are still willing to pay for the best sites here.”

Much of the boom can be traced back to the ongoing development of Newquay Cornwall Airport, which now offers flights internationally and to and from London.

Last month the site opened a new arrivals hall, marking the second stage of its development and part of plans to increase throughput to 700,000 passengers per year. The remaining works on the terminal are due to finish in July 2008 as the airport gears up for its busiest summer on record, with 23 routes served throughout the UK and Europe.

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