Is development in London coming back to life (at last)?

Forgive me for indulging in my hometown this week! It’s not been easy being a Londoner in the property world for the past few years, but things are starting to turn around and pride in my hometown compels me to share it with you! 

Viability fuelled by the impact of Brexit on “cheap” labour, land prices, cost of building materials, Grenfell and the second staircases and the lack of “Help-to-buy” all contributed to the market stagnating. Apart from a few things like self-storage, student accommodation and the odd foreign high-end investors we have not seen much happening. The once forest of cranes across our boroughs have vanished. 

But thankfully, the GLA and some of the Boroughs have now ceased the bull by the horns and is proactively promoting growth. 

Staples Corner – London Borough of Brent

Everyone who has ever driven along the North Circular will know that the there is a very high fly-over where the M1 and A5 comes together with the A406 North Circular. Below this fly-over is a large commercial estate that has largely been empty as the “out of town” retail parks fell victim to online shopping. 

This site has now been master planned by the London Borough of Brent and is allocated for 2,200 new homes, employment space etc. 

Great Location with good transport links 

The site is effectively in the middle of the Northern gateway to London where the M1 comes in, by the A5 and the A406. But more importantly, it is on the north-south Thameslink connecting Peterbourgh and Cambridge with Gatwick and Brighton. It is 14 minutes from Central London straight into Farringdon where it connects with the big east-west Elizabeth line to Heathrow and Reading via the West End with Abbey Wood via the City and Canary Wharf. 

Opportunity with the Mayor of London’s new incentives? 

The Mayor of London and his team are introducing a number of incentives including lowering the affordable homes threshold form 50% to 20% and making grants of some £11.7billion available for delivery of homes. 

The site is there, the money is there and it is connected! 

This is the future of London. 

I know, I want to look at the skyline of London and see that forest of cranes very soon again. 

Until next week,

Henry 

BREAKING NEWS

The CCP worked with NL Property on a project in Babergh where we had an officers recommendation for REFUSAL overturned by the Planning Committee and they gave APPROVAL for the planning application 5:2.

Get in touch so that we can do the same for you!