Reap the rewards of Spectrum, Rayners Lane investment
The Spectrum, Home Group’s visionary redevelopment of the former Rayners Lane Estate in Harrow, is offering a brand new collection of one and two bedroom apartments, some of which are available through FirstBuy.
This is good news for anyone wishing to live in one of North London’s most exciting residential projects. It also opens up investment opportunities in an area where the average rent for a one bedroom apartment is £803 per month and the rent for a two-bedroom apartment has risen by 2% between July and August this year, to £1,056 per month*.
A limited number of properties are available through First Buy, a government funded scheme launched in 2011 designed to help first-time buyers purchase a new property. The FirstBuy scheme provides the purchaser with the opportunity to secure a property at 80% of the market value with the remaining 20% loan not payable until six years after. On this basis, prices for a one bedroom apartment start at £148,000 and from £228,000 for a two bedroom house, based on 80% of the full market value.
The Spectrum is part of a ten year regeneration programme at Rayners Lane, which has seen the demolition and rebuilding of residential units for rent and sale. By 2014, Home Group will have supplied 450 properties for rent and more than 300 properties for sale.
Sophia Arain from Home Group comments: “We reserved a significant number of properties at the launch event and would advise all interested purchasers to come and visit the marketing suite and show home as soon as possible to avoid disappointment. The Spectrum offers more than just a new home, there is an exciting new community already taking shape with new facilities for everyone to enjoy.”
The Rayners Lane Estate is being sensitively redesigned to create a range of neighbourhoods, each with its own distinctive character, including cottage-style houses, cobbled urban squares, tree-lined avenues and contemporary apartment buildings. Hundreds of newly planted trees provide a pleasant green backdrop.
The scheme also incorporates a comprehensive range of community facilities, including new shops, public open spaces and a state-of-the-art community centre: a Sports Fun zone for active youngsters, including an equipped play area for under-8s, to be added shortly.
With its thoughtful planning, established community feel and easy access to central London, Spectrum is set to attract consistent interest from a wide range of potential tenants, making it an attractive long-term rental investment as well as a great place to live.
Apartments at The Spectrum are designed to be energy-efficient: each one has double-glazing and solar panels to reduce energy bills. In addition, the top-quality specification includes a fully fitted Shaker-style kitchen with oven with integral cooker and hood, a washer–dryer and full-height fridge/freezer, a thermostatically controlled shower with glass screen, ceramic floor tiling in the kitchen, bathroom and en-suite (where applicable), and carpets in all other areas, a state-of-the-art heating and ventilation system, an exterior balcony or private patio area; and resident’s parking.
The Spectrum is ideally located for Harrow and Central London. It is just a 15-minute walk away from Rayners Lane Tube station, served by both the Piccadilly and Metropolitan lines. Harrow-on-the-Hill is just two stops away (on the Metropolitan line). Wembley Stadium is five stops while Baker Street is just over 25 minutes away for a quick and easy commute.
Rayners Lane has a wide range of amenities, including a good range of restaurants, shops and pubs. There is also a Tesco Express close to the development.
Prices at The Spectrum start at £185,000 for a one bedroom apartment and from £285,000 for a two bedroom house. A limited number of properties are available through FirstBuy, with these prices starting at £148,000 for a one bedroom apartment and from £228,000 for a two bedroom house; both prices are based on 80% of the full market value. For sales information, visit thespectrumlondon.com.
