If you’re British and of a certain age, then you could be forgiven for lapsing into déjà vu every now and then if you invest in one of the latest developments near Whitehall. That’s because you will already have seen the outside of the building hundreds of times, on TV and in newspapers.
The transformation of what was BBC TV’s old headquarters for more than half a century has already begun. A total of 432 apartments were completed last year. They consist of a number of one to three-bedroom classic apartments, and two up to four-bedroom premium apartments and penthouses.
A 24-hour concierge service, on-site gym, spa and wellbeing centre, private landscaped gardens and screening room for residents are all part of the apartment package.
Apartments starting at £1 million for a two-bed
Expect to pay a cool £1 million minimum for a standard two-bedroom apartment and £2.5 million for one of the two-bed premium dwellings. But then, you are in the bustling heart of London with all the cultural, dining and retail opportunities on your doorstep that this entails – not to mention, fantastic transport links.
Since its completion at the start of 2018, the value of the apartments has increased by 10 per cent. Forecasts are for a further 11 per cent over the next five years. Gross yields are around 4.5 per cent.
Lorenzo Carraro, head of residential development lettings at Savills, who are selling the apartments, described it as “one of the most popular developments in London for renters”.
He added: “The host of amenities it offers has not been rivalled by any other development at a similar price point.”
So far there have been property investors and buyers from 30 different countries, but the majority of buyers in the development have been from the UK. The second phase is expected to bring around another 515 apartments to the development.
Former Nestle and EMI sites redeveloped at Hayes
Much further out West from Whitehall two other large-scale regeneration projects are underfoot. One is at Hayes and the other in David Bowie’s hometown of Bromley.
The old Nestle factory is under development at the former. Sitting just four miles from Heathrow Airport, it’s an excellent spot for regular international travellers – and those working at the airport looking to rent. It’s also handy for commuting into central London. A total of 1,386 new homes will be built on the spot, while the original Art Deco entrance is to be retained. Further along, a total of 642 apartments will be built in the former EMI records building. Keeping to the latter’s past, there will also be a live music venue on the site (as well as a restaurant and cinema).
Bromley brought up to modern standards
New apartments and a busy promenade are to give Bromley a major facelift over the next four years. Around 400 new homes will be built just of the area’s high street, and a further 22 luxury apartments in a Grade I former Georgian manor house. A total of 200 New Builds have been put up at St Mark’s Square. The promenade is to consist of restaurants, cafes and retail outlets.