Southall investment growth kick-started by London mayor
A process that began in 2012 is transforming once out-of-favour Southall. sees the local authority, in consultation with local residents and businesses, has, through its ‘Big Conversation’ and ‘Southall Charter’, rewritten the rulebook on collaborative urban planning and regeneration.
Together with the positive effects of Crossrail, the Southall Opportunity Area Planning Framework (OAPF) will maximise the area’s potential for existing and new residents and businesses, and provide an unequalled opportunity for early investors in Southall property.
In addition to a long-term plan for Southall that has benefitted from having its local businesses and residents at its heart, the factors that make an investment in Southall property compelling include:
- arrival of Crossrail
- award of funding from the Mayor’s Regeneration Fund
- provision of further funds from Ealing Council and Transport for London
- urban regeneration programmes redefining the town centre
The Mayor’s Regeneration fund
Kick-starting Southall’s rapid urban regeneration, the town was awarded £4.4 million from the Mayor’s Regeneration Fund from a total of £70 million earmarked for the whole of London in 2011. This money was matched by £1.4 million from Ealing Council and £1.9 million from Transport for London. Funded projects have included improvements to streets, shop fronts, public spaces, and preparing the town centre for the arrival of Crossrail (for example, road and junction improvements and a renewed emphasis on sustainable transport). On top of this investment, the town also received a total of £6.8 million from the London Enterprise Panel.
Crossrail to revitalise the Southall property market
Southall has followed a winding urban evolutionary path for the last 200 years and is set to take another upward bound from 2019 when Crossrail will make the town one of the best connected in London. Journey times to Heathrow will be slashed to just 10 minutes with travel to Tottenham Court Road and Canary Wharf taking just 17 minutes and 31 minutes respectively.
The town’s commercial growth was founded on the arrival of the railway in the mid-1800s and has been home to a variety of industries, including brick factories, flour mills, ceramics manufacturers, chemical plants, food producers, and even hosted the first of Britain’s film studios.
Today, Southall is a multicultural centre with nearly a third of its residents aged between 16 and 74 having attained education to degree level (Census 2001). 18% of its residents benefit from social housing, and 12.5% rent privately.
When examining property prices, it can be seen that price growth around Southall Station has underperformed other Crossrail local authority home prices by around 30% between 2008 and 2014. However, this can be explained by the high density of industrial units in the 15-minute walk sphere of the station: according to a Knight Frank tenant survey, 91% of London tenants want to live within 1km of a transport link. And that is exactly where all the new large-scale development is taking place in Southall.
Southall Population – Looking forward
Population growth in Southall is expected to be strong through to 2030 and beyond. In total, the Ealing district is expected to grow from approximately 340,000 today to around 385,000 by 2030. With its new Crossrail station and potential for a total of 6,000 new homes (3,750 on the Gas Works site), much of the population growth will centre on Southall, where at least 3,000 new jobs are expected to be created over the next 20 years.
Why invest in Southall property?
With a brand new Crossrail station on its way and large-scale redevelopment of the Southall Gas Works (close to the station) underway, the potential for Southall property to attract a new round of private rental tenants and young professionals who commute to work in the city is clear. Southall property is set to make up its price lag behind other similar locations very quickly, as the dynamics of life in the town change. Further, the town’s multicultural identity makes it an ideal location for both domestic and international property investors.
When it comes to property investment, ensuring the fundamentals are in place for sustained and sustainable growth should be the property investor’s number one concern. Southall property ticks all the boxes.
To discover more about property investment opportunities in Southall and beyond, call the team on +44 (0) 207 923 6100 today.