Is Now the Time to Invest in Colindale Property?
Savvy investors often focus on locations that are undergoing regeneration, as property prices are likely to climb accordingly. Colindale in north-west London is fast becoming an investment hotspot due to the extensive redevelopment work being undertaken there.
To learn more about the work being done in the area, read on.
What’s Colindale already got going for it?
Colindale is an appealing area to purchase property in, even before you factor in the regeneration works. It’s incredibly well connected, with its own station on the Northern Line, and is only a few minutes’ drive from the North Circular.
The local property market also has an excellent range of architectural styles on offer; from Edwardian terraces (many still retaining their original features) to 1920s and 1930s semi-detached family homes. There are also plenty of more modern buildings, dating from 1970 onwards.
New property developments
Developers have been active in Colindale, with locations like Grahame Park Estate being completely transformed into attractive residential zones. Beaufort Park Estate is another prime example; a development that not only boasts several apartments, but is also conveniently situated close to the train station.
This is beneficial for landlords wishing to appeal to young professionals, or indeed any tenant who commutes regularly to Central London. The rental market is booming in Colindale at present, with an average two-bedroomed flat fetching around £1,200 to £1,600 a month. With rental prices expected to increase in 2020, there is potential for strong yields. House prices are also increasing year-on-year, illustrating the strong property market. The average property price in 2019 was £475, 000.
An updated station
In February 2019, Transport for London (TfL) submitted plans to redevelop the station and the surrounding area. This is big news for investors.
A new station is set to be built above the existing train-tracks, while the present station building will be regenerated entirely. Additionally, TfL will be creating a ‘public area’ which will be integrated with the overall design, and a good range of new homes, to encourage more people to move into the area.
Atkins, the concept designers for the project, and BDP and SOM, the architects, predict that the station works will be a “catalyst to create a new gateway for Colindale”. (1)
The investment has already been secured, so it looks highly likely that the plans will go ahead. As such, it’s wise to purchase property in the area sooner rather than later.
Barnet council’s plans for Colindale
Barnet council recently relocated to Colindale and have outlined extensive plans to regenerate the area. These include:
- Creating over 10,000 new homes
- Improving transport in the area, with particular focus on certain roads and junctions
- Building a new bridge from Montrose Park to the hospital and station
- Moving the library to a new location
- Creating a new neighbourhood hub, which will offer facilities for the community
- Improving the current bus service
- Building further schools and colleges in the area
- Making improvements to some of the parks in Colindale
- Constructing a new youth zone in Montrose playing field
Already, the council have:
- Completed the Orion primary school building
- Built over 3,400 new homes
- Created masterplans for the parks
- Finished the concept designs for the neighbourhood hub
In short, work is very much underway, and Colindale’s transformation has officially begun.
View our selection of properties for sale in Colindale here.