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Regeneration Projects: London


Regeneration projects are designed to improve living standards, lifestyle opportunities, transport links and business investment in areas of London. Current regeneration projects scheduled to begin between 2016 and 2018 are expected to boost the London economic outlook by providing jobs, business floorspace and improved public transport.

Six key regeneration projects include:

Old Oak Common: located within the Park Royal Opportunity Area, Old Oak Common is in West London near Vauxhall Nine Elms, White City, Park Royal and Earls Court. With residential housing and business commercial spaces to secure, the site will benefit from a new transport super-hub station combining London Overground stations with HS2 and Cross-rail. Investors will be interested in the sale of the development upon completion and lettings income.

New Covent Garden Market, Nine Elms: 115,000 sq ft of commercial accommodation within this mixed-use development is designed to act as a gateway to the Battersea opportunity area. Property values (predicted to grow by 140 per cent) include commercial property next to the coveted Northern Line extension – vastly improving the speed and efficacy of transport links to central London. The development is due to start in late 2015, early 2016, and complete in 2017. With the nearby New Covent Garden Market trading fresh produce close by, this area is also bound to attract restaurant and hotel investment.

The Silvertown, Royal Docks – London: The Silvertown Partnership commercial building zone will be completed in 2018. Offering over 50 acres of commercial space the area is sure to be popular with businesses seeking purchase near the world-class Excel Centre, the London City Airport and The Royal Dock. The new Crossrail station (and links to HS2) for the Excel Centre will be a 5 minute walk away (when completed), making The Silvertown a choice business spot within the buzzing financial area comprising Canary Wharf and Greenwich. For larger investors, there is still the chance to become a major equity partner in this £1.8 billion pound development.

Alexandra Palace – For smaller investors the iconic Alexandra Palace is in need of regeneration and requires around 50% of the building funding to restore the Palace to commercial glory, once again. For approximately £100 million this Grade II listed property, originally opened in 1873, is to be converted into a four storey hotel. Famous for the south-westerly views which take in almost all of London, the hotel is expected to attract top clientele, providing an excellent, regular turnover. For a chance to own the ‘People’s Palace’ and a slice of history, a small investor might see this regeneration project as a worthwhile investment.

Sutton for Life: Life sciences, mainly via the profession of drug discovery and manufacturing, are the third largest UK growth industry. This project aims to move the platforms for life sciences into the south London Borough of Sutton, creating a life science diamond – with hub areas including Oxford, Cambridge, central London and Sutton. Sutton for Life will be a commercial development designed to serve the medical service community specialising in cancer research and associated biotech aspects. The commercial development of new drugs in state of the art laboratories will be part of this specialist build. The new Drug Discovery Complex is expected to bring 9,000 jobs to the area and requires immediate investment. Due to the new nature of the industry, the lack of predicted turnover or profit potentials makes this a high-risk, yet potentially high-gain investment. Building is due to be completed in 2018.

Hallsville Quarter, Canning Town: This £600 million pound investment is expected to provide 10,000 permanent jobs. With planning already approved, and Phase I and II completed, investment is sought for Phase III. The architectural vision for a regenerated Canning Town maximises the gorgeous views of the Thames with Docklands Light Railway transport links and the Underground Jubilee Line. With Bouygues UK designing mixed-use accommodation, investors in Phase III will bring retail shopping stores, health clubs and recreation venues, and a cinema, leisure and restaurant complex to compliment the area’s attractive public spaces and walkways.

For medium to large capital investors, there’s plenty of exciting regeneration projects on offer within central London. The recent development of Canary Wharf and the east-end of the city, post London 2012 Olympic Games, has had a domino effect on areas such as Newham and Sutton, where regeneration is bringing areas of London to life. With the stunning Battersea Power Station development experiencing property growth and an increase in local population density, the potential for businesses to grow in the area is an attractive and secure investment.

 

Further Reading on Regeneration Projects throughout the UK:

Regeneration Projects: Central England

Regeneration Projects: Northern England

Regeneration Projects: Southern England

 

Sources:

1. https://www.gov.uk/government/publications/regeneration-project-old-oak-common-london-gdv-10000m
2. https://www.gov.uk/government/publications/regeneration-project-new-covent-garden-market-nine-elms-gdv-2000m
3. https://www.gov.uk/government/publications/regeneration-project-the-silvertown-royal-docks-london-gdv-1800m/regeneration-project-the-silvertown-royal-docks-london-gdv-1800m
4. https://www.gov.uk/government/publications/regeneration-project-alexandra-palace-london-gdv-100m
5. https://www.gov.uk/government/publications/regeneration-project-sutton-for-life-london-gdv-100m
6. https://www.gov.uk/government/publications/regeneration-project-hallsville-quarter-canning-town-london-gdv-600m

 



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