Bethnal Green has a reputation for being one of the last remaining authentic pieces of East London. It is poised to become a new hotspot for regeneration though. The area has resisted gentrification for a number of years but signs of it are appearing. For example there are plenty of trendy bars and restaurants. Investors are also looking at opportunities to create new homes in the area.
Regenerating Victorian properties
One of the most interesting proposals for the area is the redevelopment of London Chest Hospital. Construction on the building began in 1851 and the hospital opened 4 years later. It specialised in treating diseases of the heart and lungs. Sadly it closed in 2015 and the building was sold later that year.
The proposal is to turn the former hospital into new homes. The plan is to enlarge the building and create 300 flats (70 affordable) as well as a new nursery. Parts of the character of the property will remain, most notably the traditional iron balconies. The grounds, currently totalling four acres, will also be landscaped. If Tower Hamlets Council back the plan work could begin on the site later this year.
A second high profile redevelopment is the former London Electricity Board HQ. Although the site is under an acre in size, it has plenty of potential. Most notably it is close to the local tube station. The developer is considering proposals to create flats and shops on the site.
Value for money
Although prices in the area may be higher than some locations, Bethnal Green offers impressive savings over similar hotspots. Shoreditch is the most appropriate measuring stick. It has become a booming hotspot and seen property values increase dramatically. Bethnal Green values pale in comparison, meaning you can get more for your money. If the expected boom occurs there could be good room for capital gains.
If you are investing in the area Finefair can offer a number of services you may find useful. For one we are the best for property management Tower Hamlets has to offer. We can handle any kind of properties, including flats and even entire blocks. We can scale a service to suit any needs and focus on offering maximum value.
If you would like to discuss property management with us don’t hesitate to get in touch. We are here to help and can provide great advice.