Redevelopment of the Meridian Water site in Edmonton, Enfield, is set to continue with the local council purchasing the redundant VOSA site. This area was formerly used for vehicle testing but fell out of use and became available for development.
Enfield Council now owns an impressive 55 acres of the developable land on the site. This equates to 47% of the 118 acres that are available in total. This follows previous acquisitions including the 18 acre Willoughby Lane in March 2015. This site is currently being redeveloped, creating 725 homes and a brand new railway station set to open in 2019.
The Council’s strategy of buying land now to secure it for development is a good one. It sees them actively and effectively taking action that will benefit the area in the future. In addition it means they can establish the price at the current level rather than waiting and potentially seeing it rise. This could result in great savings.
In addition to creating homes Enfield Council is also overseeing improvement works in the infrastructure. The new train station is just one step in this. Additionally they are working to deliver energy efficient, low carbon heating and hot water with their own municipal energy company.
The VOSA site will be developed by Barratt Homes after they were chosen as the private development partner. It will be interesting to see what their plans for it are.
At Finefair we work as a lettings agent in Enfield and deliver the very best services for all of our clients. New developments that create homes present many opportunities for investment and can see more properties becoming available as private rentals. We are on hand to assist these landlords and ensure they get the service they want.
If you would like to discuss your investment plans or strategy for properties you own please get in touch. We are happy to help and deliver a personalised service focused solely on helping you achieve your goals.