Many informed industry experts still believe London is the safest haven in terms of property for your money. People like to own physical assets and at present there is a structural shortage in London, and in the country. The fact that we had a referendum, the result being right or wrong, gives a voice to a nation which Europe has resisted in the past.The next two events of interest are the US election on November 8th and the Autumn Statement on November 23rd. As tough a battleground as US politics can be, the eventual result might have relatively less of a market impact than, say, a UK election would. There are several reasons for this. One is that the differences between the two major parties, for all the harsh words on the cam-paign trail, are ones of degree. Another is that the checks and balances built into the US system make radical change unlikely, no matter who wins.
Autumn Statement – Stamp Duty
Redevelopment – Paddington Waterside, W2
Paddington Waterside is one of London’s new and premier commercial, residential and leisure areas. The last 20 years have seen 10 separate development schemes make up this modern space and, today, 1,100 residential homes have been completed and over 30,000 people work here.
Situated between the Westway and the canal basin, the 1.5-hectare site of the former North Westminster Community School was omitted from the Paddington Special Policy Area as it was expected to remain in use for education. The decision to build the Paddington Academy and Westminster Academy left the site available for redevelopment when the City of Westminster College moved to a new campus at the end of 2010. The planning brief proposed that “around 80 per cent of gross internal area delivered on the site should be allocated for residential use, with public open space, and supporting active uses that provide local employment. In April 2012 Westminster City Council sold the site to Amwaj Property Limited, of Bahrain, which commissioned London-based Assael Architecture to design a residentially-oriented mixed-use development.
Paddington Exchange is the most recent phase, and the new Paddington Gardens will be the latest phase due to launch very soon. One of our clients has two of arguably the most desirable two bedroom apartments for sale in Paddington Exchange, both on the 7th floor, which would make an ideal Central London pied a terre or rental investment.
We wish our Indian friends, contacts and clients a very happy Diwali 2016. As always, don’t hesitate to get in touch with Nicholas Jaffray regarding your London property requirements.