The Borough of Hackney in London is home to one of the largest technology start-up clusters in the world, only bettered by areas in New York City and San Francisco. The area is known as silicon roundabout and has attracted a number of entrepreneurs from tech industries. Support from the local and National government has helped too.
The presence of tech companies can make an area very attractive in terms of property investment. People want to live close to these areas for easy access to jobs and so they can benefit from the regeneration works they regularly bring with them. As a result it is no surprise that Hackney is proving to be an attractive area. It could get an additional boost next year when new development plans are released.
Hackney Council is planning a new scheme that will see the creation of up to one million square feet of new floor space. This will be mixed use, serving the needs of businesses and residents alike. The local government already owns a great deal of the land on the chosen site and has been making strategic purposes to expand it. This includes a former pub and an estate. Negotiations are also thought to be underway with the Greater London Authority.
The plans are currently in their design phase and are not expected to be released to the public until the start of 2017. What is believed though is that consultations with several architects have already been held to explore the different phases of the huge new development.
This should be great news for people looking at property investment in Hackney. The new space could attract further tech businesses to the area and see its fortunes improve even more. This is particularly true if the businesses create jobs.
At Finefair we will be waiting to see what the new plans mean for the area in Hackney in the wider Borough. We will be poised to offer advice to our clients, including landlords in the area and those looking to make a new investment in a property.