Investor doubles up with investments at Central Apartments in Wembley
In today’s tough economic climate where bank savings are accumulating little interest and confidence in investing in stocks and shares is at all all-time low, investing in property for the rental return alone is proving a highly attractive option for those with money to invest.
Dr Balasubramaniam Krishnapillai, a Consultant Psychiatrist in Harley Street, is one such investor who has spurned stocks and shares and has put his money into bricks and mortar. He currently owns four buy-to-let homes, including most recently two, two-bedroom apartments at St Modwen’s Central Apartments development in Wembley, where rental yields of a phenomenal 7% have been achieved; well above the UK average of 4-5%.
Anish Patel, Lettings Manager at Daniels Estate Agents in Wembley, said: “Since the economic downturn, it really has become an investors market. With mortgages for first time buyers increasingly hard to come by thanks to the need for high deposits, more people than ever are renting rather than purchasing their own home. High quality rental properties are hard to come by in Wembley and so far demand is far outstripping supply.
“Central Apartments is extremely popular amongst renters; properties are never available for long and are often snapped up after the first viewing. Furthermore, it is achieving excellent rental yields at an average of 5.75%, although one apartment achieved a yield of 7% which is truly fantastic. These types of figures are really encouraging people to invest here.”
Dr Bala said: “I don’t have much knowledge of the stock market and I felt that investing in property was a far safer option. It seemed a great way to make my money work for me and I didn’t feel that buying rental properties in London, where there is a higher proportion of tenants than in any other city in the UK, involved too much risk; certainly not as much as had I bought shares.
“I decided to expand my property portfolio towards the end of last year when there was a still a lot of uncertainty surrounding the property market – prices in London had not dropped significantly but there was still a lack of confidence that things were going to pick up in the near future. It therefore seemed a very good time to buy.
“I bought my first buy-to-let property six years ago in Sudbury and then another in Colindale three years later, just before the recession hit. Both homes had rented out reasonably quickly and turnover in tenants wasn’t high but for my next rental properties, I wanted to further guarantee their success by buying closer to Central London and near excellent transport links into the city – Wembley fitted the bill.
“Even though I didn’t know the area well, I thought that Wembley would be an area worth looking at given its very easy access into London on both the overground and underground trains. I also thought that prices would be cheaper here than other areas just outside central London, such as Wimbledon and Richmond. I came for a look around the area and as soon as I left the train station I saw Central Apartments - it is literally next door to the station which was just perfect as I wanted to rent the apartments to city professionals.”
Dr Bala continues: “As soon as I looked round the development and saw the show apartment I decided this was where to invest. I had looked at a number of other developments, including some at similar prices, but they were smaller and none offered such good access to great transport links. Even though the prices were comparable, the quality of other places I looked at wasn’t as high as Central Apartments which was very important as I wanted to attract a high calibre of tenant.
“So far, everything has gone very smoothly; I received the keys to my apartments eight weeks after my first visit and Daniels Estate Agents in Wembley secured good tenants, who moved into both apartments just two weeks after that. I am delighted with my purchases at Central Apartments. The high quality of apartments and superb transport links together with the regeneration of the entire area serve to make this a very appealing development; I feel confident of a good return on my investment.”
Central Apartments is part of St Modwen’s wider £90m regeneration of Wembley Central and comprises a number of new stores, with popular high street names such as TK Maxx, Bonmarche and Peacocks. There is also office and leisure space, including a landscaped public square with an attractive open aspect, and the abundance of local amenities mean that homeowners can buy into the complete lifestyle that is on offer at Central Apartments.
Externally, the contemporary apartment buildings feature bold coloured panels and glass balconies which give the fascia character and create a strong identity for the development as part of the area’s regeneration. Internally the apartments have been finished to the high standards one would expect from St Modwen and offer spacious, open-plan living areas with large windows and, in many cases, sliding doors that open out onto a private balcony.
Central Apartments are conveniently situated less than a two minute walk away from Wembley Central tube station from which journey times directly into London’s West End take just half an hour on the Bakerloo line, or commuters can travel straight to London Euston via the Overground network.
A home at Central Apartments is competitively priced from £199,995 for a one bedroom apartment, two bedroom apartments cost from £249,995 and the recently launched duplex apartments, located on the 12th and 13th floors are from £299,995. The Sales & Marketing Suite is located on Wembley High Road and is open 7 days a week between 10.00am – 6.00pm. Three stylish show apartments are now open for viewing. Located on the 10th, 12th and 13th floors of the iconic tower the properties showcase the high specification offered by St Modwen as well as spectacular view across London.
To book an appointment to visit the show homes or for further information please visit wembley-central.co.uk.
