The London Borough of Merton is believed to have one of the smallest percentages of social housing stock in the whole of London. The average for an area in the capital is thought to be around 22% but it is only 14% in the south east Borough.
With such a low stock, new projects to create affordable housing are always well received. In December the redevelopment of 300 Burlington Road in New Malden took a big step forward. The site was sold to Wandle Housing Association for around £7million and will be redeveloped to create 41 apartments. These will be a mix of one, two, three and four bedroom properties.
The site was formerly an MOT garage and underutilised land surrounding it. The plan to redevelop it is wonderful and shows great faith in the opportunities for property investment Merton has to offer. All of the new homes will be affordable, helping to ease pressure for social housing in the local area.
Wandle Housing Association bought the site from Medina Capital Investments, an SME developer. Sales and relationships like this will play a crucial role in helping to bring more small sites forward and get them developed to create new homes. Hopefully this project inspires more deals to be completed.
Work on the site began in December 2017 because permission had already been granted. Construction is expected to continue until early in 2019. The new property will be low rise and feature 25 parking spaces. Each of the homes will have a private balcony so they have some outdoor space.
At Finefair we work with investors of all shapes and sizes, including those interested in opportunities in outer Boroughs across the capital. We can help anybody who is thinking about the potential benefits for property investment Merton has to offer. Our team are approachable and always professional, ensuring we build great relationships with clients.
The great thing about our services is we can help with planning forward. For example we can offer advice about investing and what to do with a property going forward, whether it is private letting or council leasing. We provide assurances that every service will suit the needs of the client.
If you have any questions for us please don’t hesitate to contact our team.