£22m of residential investments secured in London
JR Capital is pleased to announce that we have completed the purchase of £22m of residential investments (29 apartments) in Aldgate, East London and Brentford, West London.
20 apartments were purchased off plan for £18m from Berkeley Homes www.berkeleygroup.co.uk in their popular Goodman’s Field development in Aldgate, a short walk to the City and only 10 minutes by tube to the West End and Canary Wharf. With a long lead in to practical completion they provide an opportunity to capitalise on the likely continued rise in residential values in this area by paying only a 10% deposit now with the bulk to be paid in 3 years.
A further 5 apartments were purchased off plan for £4m at the Broadwalk www.theboardwalktw8.com and Bellway Homes’ Kew Reach www.bellway.co.uk, which are adjoining new build residential developments located directly on the River Thames in Brentford. This provided an opportunity to buy in at a relatively low capital value of approximately £500 per sq. ft. compared to other direct River Fronting new build schemes a short walk along the River where prices are around £900 to £1,000 per sq. ft. As demand for direct River fronting property remains high and people are prepared to pay a premium we expect a rise in values to continue to spread further west along the River.
John Collier-Wright commented “Our clients who historically invested only into prime Central London residential areas in Zone 1 are now prepared to look further afield into Zone 2 and beyond in search of better value. With forecasts indicating a rise of 15% to 20% in the next 2 to 3 years as a result of a strengthening UK economy, high demand from overseas investors and local (London based) buyers being priced out of Zone 1, we believe demand for residential property outside of prime Central London will continue to remain strong and relative values will catch up.