Investor finds perfect tenant – his daughter!

When Jo Young started working in London, she was initially happy to commute from her old flat in Uxbridge. But when she decided she needed to be in the heart of the capital, it was her father Bob who helped out – buying a brand new two-bedroom apartment at Kennington Park Square, Barratt’s latest development in Kennington, SE11.

The move suits them both perfectly. For Bob, the apartment is a good investment – on the fringes of central London’s Zone 1 and within strolling distance of Parliament. For Jo, it is a supremely convenient apartment at a reasonable rent.

Jo, 30, a communications manager based in Victoria, said: “I bought my two-bedroom apartment in Uxbridge two years ago and after I got my job in London, I didn’t mind commuting at first.

“But later I decided I wanted to be more central – I was always conscious about getting the last train home at night if I’d been out in town. Due to the decline in property prices, it wasn’t worth selling my flat in Uxbridge, so I decided to let it out and find somewhere to live in London.”

Jo saw a television programme on Kennington and decided it might be a good place to live. “At first I considered renting somewhere, but my dad and his partner had already started thinking about buying another property as an investment – and of course I would make the ideal tenant!” she said.

Bob, 61, a retired airport manager who lives in Iver Heath, Bucks, with his partner Kelly, said: “We had been thinking of buying an investment property for some time. The mortgage on our house was ridiculously low and we felt it was a good time to release some of the capital and buy another place.

“We talked to Jo about the possibility of us buying a property in London and asked if she would be interested in renting it from us. In this way, she’d not only have somewhere to live, but also be paying towards her own inheritance!”

Jo was delighted with the idea. A trip to Kennington located Kennington Park Square immediately, said Bob. “We noticed it straight away and as the marketing suite was open, we decided to take a look. It was the first property we saw. We were very impressed not only with the location of the development, but also the high specification and standard of the appliances, fixtures and fittings – especially the designer kitchen.

“Afterwards we visited a few estate agents and had a look at some of the other properties available, but after weighing up the pros and cons of older properties and newbuilds, we decided the Barratt apartment was the best choice. Four days later, we agreed to buy. It all happened very quickly.”

As well as two spacious bedrooms, the second-floor apartment fully-fitted en suite and family bathrooms and an open-plan living/dining room with fully-fitted designer kitchen. The property also has a balcony through sliding doors off the living room.

The £297,500 price included oven, hob and extractor, fridge/freezer, washer/drier, dishwasher and microwave in the kitchen, plus carpets throughout and tiling in the kitchen and bathrooms. It also included a private parking space in the development’s underground car park.

Jo said: “I absolutely love it – especially having an en suite bathroom! And the location is great – it’s really central and easy to get to everything. There are some nice pubs and restaurants nearby, as well as a local Tesco store – though I can also do grocery shopping near work.

“From the apartment, I can walk to work in 35 minutes – or cycle in about 15.”

Bob added: “The apartment is also convenient for other attractions like the Oval, which is three minutes away, and the South Bank – with the Tate Modern and the Skylon restaurant at the Royal Festival Hall, which I really like. So it makes a wonderful base when we want to spend some time in London.”

Kelly’s daughter Claire, who is 18, is hoping to go to the London School of Economics and she could potentially share the apartment with Jo during her middle year at university.

“We felt that house prices were probably bottoming out and might be on the turn soon, so this was a good time to buy an investment property. And we felt we got a reasonable deal for the location” said Bob.

Prices at Kennington Park Square start from £243,995 for one bedroom apartments. Barratt is also offering a range of assistance plans, through which qualifying buyers can get a variety of help towards buying a new apartment.

A sales office and show apartment is now open at Kennington Park Square from Thursday to Monday, 10.00am to 6.00pm.

For more information log on to Barratthomes.co.uk.