Why investors should be on the hunt for the next regeneration hotspot
- 21st March 2019
- Property Tips
Regeneration of Elephant & Castle shows how private rental accommodation can help rejuvenate areas
Over the past few years, Elephant & Castle, and other areas like it around Zone 2, have gone through an enormous process of regeneration.
It’s a regeneration that buy-to-let investors have paid a big part in launching. For investors looking for the next opportunity, it is a process of regeneration that will be repeated elsewhere across London over the next few years.
Buy-to-let investment in Elephant & Castle from landlords willing to invest in and fund the refurbishment of local property, pulled in young professionals to the area in the late 1990s and early Noughties and really got the area’s revitalisation kick started.
The conversion of the Metro Central Heights building by St George Plc in 1997 from a government office to a residential building, is a good example of Buy to Let investors being pulled towards a sound proposition. The building contains 400 studio to three-bedroom flats which today are in constant demand, especially by young urban professionals.
As Elephant & Castle became a more recognised rental hotspot for young professionals that pulled in more buy-to-let investors and then developers.
As the Financial Times points out this month, the average house price has trebled from £113,760 in 2009 house to £474,000 in 2019.
The influx of young professionals has helped attract cultural attractions like The Southwark Playhouse and a huge influx of new cafes, bars and restaurants. The area continues to boost its appeal to millennials and the older generations alike.
Elephant & Castle’s ability to attract young professionals is helped by good transport links – including the Underground and over ground rail – as well as a central location close to the Southbank, London Bridge and Waterloo.
Stephen Ludlow, Chairman at ludlowthompson, comments: “Buy-to-let investment is helping turn areas such as Elephant & Castle into some of the most exciting areas in the capital.”
“Investing in developing areas through buy-to-let investment is a consistent way of delivering strong returns over the long term.”
“In retrospect the regeneration of Elephant & Castle was almost inevitable. Now BTL investors need to spot the next one!”
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