Planning consent has been awarded for 450 new homes to be developed, as part of the regeneration of Nine Elms in London.
Developer Marcus Cooper Group will work on the project in Wandsworth, which will also include a range of commercial and retail units, as well as leisure facilities.
Marcus Cooper Group will also invest a significant sum of money towards the local infrastructure and transport improvements such as an expansion of the Barclays Cycle Hire Scheme and upgrades of two new Northern Line stations.
Transport and infrastructural projects on a large scale presents property investors with a good opportunity to cash-in on the improvements made to the area.
Cllr Nick Cuff of Wandsworth Council said: “This scheme would create hundreds of new homes and provide almost £12 million towards improving local services and infrastructure.
“Nine Elms has begun to transform on an enormous scale. Building work is already underway on several major schemes and more planning applications will soon be coming forward.
“The Government’s commitment to extending the Northern Line has reinforced investor confidence and it won’t be too long before a new residential and business district has taken shape.”
The regeneration scheme could eventually feature up to 16,000 new homes.
Many of the new build homes at Nine Elms are expected to be made available to buy during the off-plan stage of construction. There are signs that demand for off-plan properties is improving particularly in London.
London-based house builder Telford Homes for instance, recently reported a sharp rise in off-plan sales at its London-based new homes developments.
There was a major fall in the previously buoyant off-plan market following the housing market crash in 2008, with buyers from Asia dominating this sector of the market in the past three years. But with property market conditions continuing to improve in London, confidence among British buyers, particularly property investors, appears to be improving.
Jon Di-Stefano of Telford Homes said: “We see the main strength of the residential property market being in the capital and so we will be developing more new homes in London.”
