Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. With urban policy driven by the sustainability agenda, increasing attention is being placed on the re-use of existing sites and brownfield land. However, there is relatively little knowledge regarding the investment performance of property in regeneration areas. Indeed there is a perception that such locations carry increased risk and that the returns achieved may not be sufficient to offset the added risk. As a consequence major institutional funds have tended to by-pass urban renewal areas in favour of prime markets for which there is much greater information transparency. This paper presents the findings of recent research within the UK on property market performance in regeneration areas and draws comparisons to prime market locations. The paper discusses methodological issues and problems regarding the development of an urban regeneration index focusing on a beacon approach.