When it comes to property investment Barking and Dagenham has plenty of potential. In the next twenty years there are plans to create up to 50,000 new homes. Incredibly though the local authority would also like to set aside spaces for arts, crafts, and culture. As a result the Borough would become a better place to live, work and also visit.
The local authority has a Section 106 agreement with local developers who are building new flats. They will offer some funding for projects if the developer will leave grounds floors in properties for “maker spaces”. These could become studios, workshops and other useful workspaces.
The aim is to ensure there are more spaces in the area for artists, designers, and other creative individuals. These people can struggle to find suitable workplaces, especially in areas where prices are very high. It is therefore fantastic that developers are encouraged to create new ones. As a result they can have access to modern, high quality spaces.
Ice House Quarter
This is a fantastic example of how the project can work and the incredible results. The development is a residential block with 278 apartments. In addition to the high quality sustainable homes there is an array of new creative spaces. Currently the studios, available for short and long term let with impressive discounts, are home to a diverse collection of people. This includes a theatre designer, a textile designer, a leather worker, and painters. There is also rehearsal space.
Local artists are already seeing big changes in Barking and Dagenham. The area has quite a poor reputation but the support for culture and diversity are changing this.
Finefair appreciates that a lot of people may start looking for the options for property investment Barking and Dagenham has in the near future. We will be on hand to help, delivering the same high quality service that has made us the leading name for guaranteed rent in the whole of London.
If you would like to discuss anything with us please get in touch; our team can provide information for you.