Telford Homes recently confirmed they have exchanged contracts for the purchase of the former London Electricity Board building on Cambridge Heath Road, Tower Hamlets. They will pay £30.2 million for it and plan to redevelop the site to build affordable homes.
The development of the site will be great news for residents in the area and those interested in purchasing new investment properties in Tower Hamlets. The project fits with the developer’s aim to invest in non-prime areas of London where supply is lagging behind the demand for homes. Tower Hamlets ticks this box and the site is in a great location with good transport links.
It will be exciting to find out more about the specifics of the project in the near future. Telford Homes is a property developer specialising in mixed use developments so it is no surprise that this site will have both new homes and commercial space. It is expected that around £95 million will be invested in the latter.
Work on the site is expected to start in 2018 if all goes well with planning permissions. Optimistically this would mean that the homes and commercial space would become ready for habitation by 2021.
As mentioned earlier the site is in a fantastic location, close to the centre of Cambridge Heath. The transport links are good in the area, with an Overground station offering connections to the City and other parts of the capital. There are plenty of amenities in the area and two parks in close proximity offering outdoor spaces. All of these factors could make the properties very popular.
If you are looking for investment properties in Tower Hamlets we urge you to look carefully at all of the various options that are available. There are generally a lot of options to choose from and we can guide you in finding the perfect one for you. This is something we are very proud to offer at Finefair and we always focus on achieving the best for our clients.