Over the last two decades Newham has become a very popular destination for investors of all shapes and sizes. Homes are not the only thing being purchased as investments though. Commercial properties, parking spaces, land, and even airspace have all been invested in.
Recent data from the Land Registry shows that offshore firms were behind over £150 million of the property investment Newham has seen in those twenty years. Over 650 properties were purchased by companies registered from outside of the UK.
Of the sales around a third were purchased by firms registered in the British Virgin Islands (BVI). Ireland accounted for 110 purchases and 87 were buyers from the Isle of Man. Other investors came from UK tax havens such as Gibraltar and Jersey. Overseas investors from destinations such as Singapore, Hong Kong, and Malaysia also made purchases.
Some of the sales revealed by the Land Registry figures are very interesting. The two largest purchases were both for land. One of them was a site near Stratford High East DLR Station that sold for £6.4million. The second was valued at £5.8million and was at High Street North in East Ham.
A particular purchase involved twenty parking spaces on Tidal Basin Road, just a short distance from the Royal Victoria DLR Station. This space could become a prime site for development into housing, especially if plans to cut down on car usage in the capital move ahead.
The investments show that Newham is a very popular destination offering good potential for returns. This will continue to attract other buyers, whether they are looking for homes or development potential.
The Finefair team can help, providing advice about the potential for property investment Newham has to offer and delivering a number of services. Our team are trusted by numerous investors and manage a diverse portfolio of valuable properties.
If you would like to find out more about us please get in touch.