- Alan Collett, FRICS
Mon, 22/10/2018 - 17:36
Alan's Property of the Month - October 2018
Quadrant Court, Wembley Park
Why I like Wembley Park
A large-scale regeneration project is generally a good place to invest, especially if you get in early. There are few larger regeneration sites in London than Wembley Park, home of the National Stadium. Led by Quintain there is an agreed master-plan that has already brought £900m of inward investment, the London Designer Outlet Centre, with 70 shops and food outlets, a 9 screen Cineworld, and over 1000 homes. More recently new student housing for 660 and additional homes to rent have added to the vitality and the use of the lovely public realm. The next stages will be London’s Largest Boxpark for additional shops and restaurants and another 680/1,000 homes.
What I like about the properties
The Fund’s flats in Quadrant Court vary in size from studio flats to homes with 2 bedrooms and 2 bathrooms. Having a variety means that we can always find new tenants easily. The large central garden area is also popular. Our residents enjoy their homes and the excellent transport facilities into Central London. Baker Street, for the West End is only 12 minutes, and Moorgate for the City 28 minutes from Wembley Park Station.
How has it done so far?
The Fund has benefit from strong growth in prices and rents since buying 34 flats in 2013. The original 34 homes were bought for an average price of £179,000 and the 23 that we still hold have an average value of £332,000. Although values in some parts of North London did fall between 2017 and 2018 we have seen no reductions in the value of the Funds units. Rental competition from neighbouring buildings is restricting rental growth, but as new commercial and leisure activities improve the area as a whole still further the Fund Manager has confidence that Quadrant Court will continue to be in demand.