Parkwest yields results for London landlords

Investors at Parkwest, the latest West London development by St George, are already realising the benefits of an excellent local rental market in its commuter location of West Drayton, just 2 miles north of Heathrow Airport and 1 mile from Stockley Park.

For those who commute to Heathrow Monday to Friday, or those working on short term contracts, the best option is often to let. Parkwest is perfectly located to take advantage of this and a number of purchasers who bought with this in mind have already started to enjoy the benefits of a buoyant rental market.

A recent article in the Evening Standard also confirmed that with house prices on the up in London, prices in Hillingdon have risen an average of 11.8% which is fantastic news for investors looking for a long term capital growth.

The first tenants at Parkwest moved in to their homes in October 2007. Attracted by the high quality and specification of the build, along with its fantastic hotel style facilities such as undercroft parking, a residents only gym and 24 hour concierge; buy to let landlords and investors are now enjoying quick returns over and above those initially anticipated.

Cameron Estate Agents who have offices in West Drayton and Uxbridge, have been successfully letting out properties at Parkwest at £800 per month for one bedroom apartments and up to £1200 per month for two bedroom apartments. Paul Meredith, Director at Cameron Estate comments:

“Camerons are delighted to be involved in letting the apartments at Parkwest. The design and quality of the finish in each of the apartments is proving to be highly popular with tenants looking for executive living and 24 hour concierge, gymnasium and private parkland complement the uniqueness in the St George concept and makes this development stand out above all others in the area, which is why there is such strong demand for these properties.”

Rupert Dawes from Knight Frank commented, "With the first phase of apartments at Parkwest now all sold it is easy to see why the development continues to prove a popular a choice for investors.

“Demand for quality apartments in the area has been such that homes offered to the rental market have been snapped up in a very short space of time and associated rental yields, in several instances, have pushed beyond the 5% gross mark. Considering prime central London yields are currently averaging between 3.5% - 4.5% this is indeed an encouraging result.”

The development has attracted a number of professional tenants, who appreciate the scheme’s close proximity to Heathrow, Stockley Park, the M4 and West Drayton Station for easy access to Central London.

Terminal 5 at Heathrow is due to complete this year and St George expects to let to a greater number of pilots, cabin crew, airport staff and frequent travellers. There have also been a number of workers from Stockley Park, local professionals that commute into Central London each day and a number of young executives from the local area as well.

Ian Dobie, Managing Director of St George West London also comments: “We are delighted that our investors are enjoying such quick returns on their properties. With T5 at Heathrow Airport due to open soon and the planned third runway leading to a growing local working population, accommodation is in high demand now and will be even more so in the future.”

Situated only minutes from Heathrow Airport, the M4 and M25 motorways, Stockley Park and with excellent main line rail links to Paddington taking approximately 22 minutes, West Drayton is already looking forward to future.

In addition to this the recent approval for the Crossrail connection in 2017 will enhance commuter links into and across London and undoubtedly increase property values in all areas along the route, further improving the investor potential.

Paul continued “With an extremely busy start to 2008, we are experiencing an exceptional demand for the Parkwest apartments having recently let 4 apartments at Parkwest in just 4 days. If any Landlords are looking to invest at Parkwest we would be happy to arrange a meeting to discuss rent levels, local demand and Cameron’s Letting Services.”

Prices for a Manhattan Apartment in Kensington House start from £194,950*. For further information visit the website at Park-west.co.uk.