Mayor Sadiq Khan has recently set out a London Plan for the next twenty years, outlining several developments that will completely transform parts of the capital.
Areas that were once avoided by buyers will become hotspots as transport extensions and regeneration projects are introduced, creating an opportunity for new housing developments, offices and green spaces.
One such area currently undergoing development is Lambeth. Sitting just South of the Thames, Lambeth, provides a range of affordable accommodation options while still being very central.
Areas such as Waterloo, Clapham and Battersea are becoming particularly popular, with several regeneration programmes taking place. These areas are expected to soon see 15,000 new jobs and around 2,000 new homes, along with an open space program.
The number leisure facilities in Lambeth has grown recently, including ‘The West Norwood Health and Leisure Centre’ built in 2014, containing a new health facility and swimming pool and The Clapham Project, which has a new library and health centre.
Waterloo is another area in Lambeth facing considerable change, with plans to enhance pedestrian, cycle and vehicle movements on the ‘IMAX’ roundabout currently underway.
In South-East London, Canada Water is known for its bars, cafés and long residential streets. However, this is set to change, with developments in place to create 3,000 new homes and a new town centre.
One of the UK’s biggest property groups ‘British Land’ has just launched plans for a 53-acre development at Canada Water, including office space, retail outlets and entertainment facilities. In a statement on the Canada Water website, ‘British Land’ said that there will now be a public consultation on the development, adding that it will hold drop-in events for residents of the area in Surrey Quays Shopping Centre.
Hackney Wick is another area undergoing great development. The Queen Elizabeth Olympic Park has completely changed the area.
Industrial buildings have recently been converted into apartments, high in demand by London’s young crowd who enjoy the thriving social scene in the area, consisting of various unique restaurant and clubbing hotspots.
Just North of Shepherd’s Bush, meanwhile, White City has seen various changes in the past couple of years.
Just last year, Wood Lane's railway arches were converted into commercial spaces for independent restaurants, cafes and shops. The area has also added new trendy office spaces, created through a revamp of the old television studios and a Soho House Hotel.
While White City is still primarily known for its local estates, these transformations have brought a new crowd of young professionals to the area, as it grows both economically and residentially.
With developments occurring across all of London, there is real potential for investors in the city to generate extremely high returns.
Construction of new housing is still going strong, and several areas are, or will be undergoing regeneration. Landlords who have the capacity for long-term investments can invest in construction hotspots and benefit from the growth that will be forthcoming.
*Marc Trup is the founder and CEO of Arthur Online