Reap the rewards from regeneration
Family Mosaic highlights: recent research from the property-based investment company IPINglobal.com suggests that buying property in one of London’s regeneration areas will maximise returns. Homes in areas undergoing extensive regeneration like Greenbanks in Lewisham are attracting a lot of interest as purchasers are keen to secure a good long term investment at an affordable price.
Peter Mindenhall, who carried out the research, said: “At the moment the London property market in general is performing comparatively well and will likely continue to do so for some time to come. However, regeneration is an important factor to consider from an investment angle; areas highlighted to undergo improvements during the next few years will benefit most, especially any area where transport links are being developed or increased."
Family Mosaic’s Greenbanks is at the forefront of the regeneration game with Lewisham Council is undertaking a £250 million programme to revitalise the town centre, improve the area’s environment and attract homebuyers. It aims to provide an excellent range of shops, new homes and leisure facilities and a high-quality environment, allowing Lewisham to hold its own against neighbouring towns.
Greenbanks, located in leafy Algernon Road, just half a mile away from Lewisham town centre and stations, is therefore a sound bet for first-time buyers looking for a promising investment as well as a home.
“All too often first-time buyers have to base their property choice almost entirely on price,” says Lauren Nicholson of Family Mosaic. “But many other factors go into making the ideal first-buy home: location and local amenities, of course, but also the potential for the property to retain its value, which is vital if residents are to move up the property ladder in the future.
“Greenbanks ticks all the boxes for first-time buyers. The research from IPINglobal.com supports Family Mosaic’s careful choice of location for its developments, which means that affordability needn’t mean compromising on desirability or potential.”
The 6 two bedroom apartments available under part-ownership at Greenbanks each boast a spacious living/dining room. They occupy a three storey block, with those on the upper floors featuring private balconies. The ground floor apartments have a handy cloakroom in addition to their family bathroom, and all have built-in storage cupboards.
The development’s high specification includes fitted white high gloss ‘Howdens’ kitchens complete with an integrated fridge-freezer, washer/dryer and dishwasher and a built-in oven and extractor hood. The bathrooms have contemporary white suites with full-height tiling around the bath, a thermostatic shower and a chrome heated towel rail. Elegant finishes include Oak timber flooring in the kitchen area and steamed Oak veneer finish internal doors.
The apartments’ attractive outlook is enhanced by several mature trees, and the site’s green credentials will be boosted by the provision of nesting boxes to encourage birds to breed. For more greenery, Hilly Fields is a short walk away, offering sports facilities, a nature reserve and wonderful views of London. Lewisham Park, Blackheath and Greenwich Park are also close by, and if that’s not enough motivation, the borough will host five Olympic training camps for London 2012.
Excellent communications include the nearby mainline and DLR stations, which between them provide services to London Bridge in 10 minutes and easy access to Canary Wharf, Charing Cross and Victoria.
Prices at Greenbanks start at £81,375 for a 35% share in an apartment with a full market value of £232,500. Shared ownership means that the buyer purchases a 35% share in the property and pays a subsidised rent on the outstanding share. The buyer can purchase additional shares in the property at any time, all the way up to 100% and outright ownership, making this scheme a truly affordable way for first-time buyers to purchase a home. Priority will be given to applicants from the London Boroughs of Bexley, Bromley, Greenwich, Lewisham and Southwark.
To be eligible for Family Mosaic’s shared-ownership scheme, buyers need to be earning less than £60,000 a year but at least £26,123 as a single income or £29,619 as a minimum joint income.
For further information, visit familymosaicsales.co.uk.
