Buy to let opportunities in Barking
With many buy-to-let purchasers already snapping up Redrow apartments in Barking, other would-be investors who join them could see one of the highest yields in London, according to one local letting agent.
Just six homes remain at the multi-award-winning Barking Central development and with their fantastic views over the O2 arena and London skyline and 19 minute train journey to Fenchurch Street Station, it’s easy to see why the homes have been so popular.
As a result of a strong demand for rental properties at Barking Central, one local letting agent says they have had to turn away four out of five top quality rental candidates per available home due to demand outstripping supply at the venture.
Peter Tsenov, lettings manager at London Apartment Solutions, believes Redrow has struck on a winning combination of prime location and a great specification, which is proving to be the pull for renters and providing investors with one of the best yields in London: “With the current bank interest rates, investment in these properties is providing clients with a far better yield than savings in the bank (even with the highest interest rate available now with lock-in period of 4 years and 4.2% gross (Lloyds TSB)).
“Based on the actual rentals I have achieved, my clients at the Lemonade Building are getting a yield of 6% on average with the highest being 6.4%. This is one of the highest yields achieved in London where the norm at the present market conditions is 4.3 to 4.8%.”
He adds: “Demand in the area as a whole is good but there is very little quality stock available, therefore the demand for the high specification apartments at Barking Central is strong with candidate of much higher profile than the general population renting in the area. This demand far outstrips supply of home at the development.
“The main draw is the affordable price for such quality properties and the quick transport links to central London and Canary Wharf. Plus they’re also within a three minutes walk to all local amenities.”
This means historically tenants have been found very quickly for Redrow’s apartments, usually just two to three days after instruction.
Based on previous successes, London Apartment Solutions estimate the remaining, one bedroom apartments, priced from just £147,000 to £154,950 , can be rented out for between £800 to £890 pcm and two-bedroom homes, priced from £188,000, between £1050 to £1250 pcm depending on the floor level.
As well as featuring high specification fixtures and fittings, apartments at the Lemonade Building have all of the advantages associated with being brand new – they are easy to maintain, energy efficient, kinder to the environment and protected by the NHBC 10-year ‘Buildmark’ warranty.
The 17-storey block of 136 apartments, stands close to the spot where R-Whites Lemonade was once manufactured. It’s also the final chapter of a hugely successful regeneration story.
The wider scheme, Barking Central, has created more than 500 residential apartments, as well as prime retail space, a new state of the art library and lifelong learning centre, a hotel and the unique feature of a specially created arboretum planted with 40 mature trees. Residents will also benefit a close proximity to the new Olympic Village, which is set to be transformed into housing after the 2012 London games.
Two-bedroom apartments enjoy the luxury of en-suite to master bedroom and all properties have a balcony for that all-important outdoor space.
For more information about the apartments available in The Lemonade Building, visit the marketing suite.
