Why the London Borough of Brent Remains Firmly on the Radar for Investors
Brent is often an overlooked part of London for property investment, but it is one of the city’s largest residential areas with direct links into the City and West End. In 2021, it was named ‘the happiest place to live’ in England [1] – trumping the likes of Devon and West Sussex to the top spot and, over the last few years, its rental market has gone from strength to strength.
According to a survey conducted by HMRC’s Valuation Office Agency for the year ending September 2022, rental prices in the area increased by 3.1%. This is supported by Benham & Reeves, Q1 2023 findings suggesting that developments such as Grand Union, with exceptional amenities, plentiful green space and good road and rail connections, could see rental investors realise yields of 5%+.
The rental yield is testament to the demand in the area, with swells of residents attracted to its close proximity to central London, Wembley, Ealing and Brent Cross which offer an array of restaurants, bars, cultural hotspots, shops, and music and sporting venues. Moreover, there are good employment options in the area with nearby Park Royal Industrial Area home to 1,700 businesses and over 43,000 workers. This is in addition to SEGRO V-Park Grand Union, an innovative new concept providing flexible light industrial space over six storeys being delivered in partnership between St George and SEGRO at Grand Union in Alperton, which will support up to 500 jobs and apprenticeships.
Brent Council has also recently announced several major proposals to further enhance the borough as a place to live and work. As part of the council’s partnership with Uber, it will deliver 160 new electric vehicle charging points across 80 locations this year. They also have plans to inspire people to travel by two-wheels instead of their car for shorter journeys by creating London's first major cycling route connecting Wembley, Stonebridge Park and Willesden Junction.
Within Brent sits Alperton, an established residential area that has, until now, remained somewhat off the radar. St George spotted the potential in this area and are excited to be delivering Grand Union. Developed in partnership with the London Borough of Brent, and in consultation with the local community, this canalside neighbourhood is delivering 3,350 homes, of which 35% are affordable, alongside a new piazza bringing life back to this stretch of the Grand Union Canal. Grand Union will also be home to a Community Hub, a waterside restaurant, a residents’ lounge, a ten-pin bowling alley, a gym, a nursery and supermarket.
St George has also sought to prioritise sustainable living as a central vision for Grand Union with homes listed with Energy Performance Certificates (EPCs) B. At the urban oasis, residents will not only be able to enjoy 14 acres of landscaped gardens that will improve the area’s biodiversity by an estimated 240%, but there will also be terraced gardens, riverside meadows, roof terraces and a five-metre-tall waterfall.
As an additional draw for residents looking to reduce their own carbon footprint, 300 electric vehicle charging points are being installed on site, as well as 5,390 cycle storage spaces – which is around 500 more than the total number of homes.
For more information, prospective buyers can call the team on 020 8003 0722 or find out more here