In a previous blog we discussed the Your New Town Hall project in Lambeth and how it would free up land for new homes. The first of these were completed in March at the Wynne Road site to the north of Brixton town centre. The land was freed up during the restructuring of council offices and is now home to 25 brand new one bedroom flats.
The homes were delivered by Pocket, a specialist at building smaller properties and selling them below market value. In 2013 they were given a ten-year loan by the Greater London Authority. This gave them the funding to purchase land and deliver affordable housing across the capital. In total the hope is they will create 4,000 of the “pocket-sized” properties by 2023.
The new homes will now go on sale but buyers need to meet specific criteria to quality. They must live and work in the Borough, earn under a certain amount per year, and be first time buyers. The aim is to help those people looking to get on the property ladder, particularly young professionals.
Although the properties on the Wynne Road site will not be for investors some of the other homes created during the Your New Town Hall project could be. A lot of land will be freed up as the council offices are consolidated, taking the total number from fourteen to two. In total 219 homes will be built; 47 of them designated as affordable.
The new builds not earmarked as affordable and on the Pocket site could make great investments due to their locations. Council leasing in Lambeth could be an attractive prospect to investors who do purchase these homes. It would give them assurances on their income and be a big help in terms of finding tenants.
At Finefair we have worked with investors for a long time and also have an established relationship with the local authority. As a result we are in the perfect position to help with council leasing in Lambeth. If it is an option you are interested in, or you would like to find out more before making a final decision, we can help.