Croydon in South London has previously been better known for its tired concrete facades rather than somewhere you might find London’s elite. However, this is all about to change. As London’s urban sprawl continues, young professionals are looking for the perfect combination of luxury and affordable living.
Plans will see public spaces transformed, the town centre revamped and the introduction of sophisticated, modern new homes. Along with the Mayor’s commitment, Croydon is also finding support from the private sector with Westfield &Hamerson joining forces and investing a further £1bn in a new, international shopping destination, The Croydon Partnership.
House prices are still at accessible levels. As of September 2015, Croydon is currently the 6th cheapest borough in London. The average house price is £344,018, which has risen by 10.9% in the past year and 0.8% in one month from August-September.
Croydon really is the perfect place to invest, especially considering the regeneration plans and the predicted rises in house prices as a consequence of £3.5bn of total investment.
What is The Westfield Effect?
Westfield has a proven track record for picking investment hotspots
You only need to look at how house prices in the boroughs of Hammersmith & Fulham and Newham have performed since the Westfield shopping centres opened. The way these areas have been affected demonstrates the impact a major retail development can have. According to rightmove.com, following the opening of Westfield London in October 2008, house prices in Fulham and Newham increased at a higher rate (12.79%) than both London (3.10%) and England & Wales (-4.74%) averages. Knight Frank research suggests the local housing market has benefited from a “Westfield effect” – with property values up 47% overall since the opening of the shopping centre.
The Croydon Partnership will transform the outdated Whitgift and Centrale shopping centres into 1.5 million sq ft of retail and leisure space. This will include a major department store, a full range of shops, cinema, bowling alley and restaurants. This £1billion project will act as a catalyst for the wider regeneration of the town centre and includes up to 600 new homes. Unsurprisingly given the addition of a major new attraction to the town centre, house prices throughout the borough can expect to increase at a quicker rate than other London boroughs.
“They laughed when I said Croydon, now look who the joke is on!” Brett Alegre-Wood
It was late in 2011 and I began telling our investors that Croydon was an upcoming hotspot and they should jump in now! Many investors laughed thinking I had lost my marbles, “didn’tIknowhow run down and tired a place if was” they said.
Only 3 years later and over 178 of our investors had made money (serious money!) the joke is on them. The good news for you is that Croydon has only just begun. In 2011 I was talking about £3.5bn being spent in the area but this has only now got underway, which is why Croydon still has heaps of potential. Add to this the connections to London (around 18mins), the huge number of European head offices in Croydon, the new Westfield Shopping centre and you have a pretty much guaranteed yourself a stellar investment.
I can go on all day about the fundamentals but just read through this investment guide and I have no doubt you will be convinced that Croydon property investment is worth putting your money into. When you are like me; are convinced give the team a call and get your final questions answered.
Isn't it time you chatted to the team and made a plan?
The London and UK property markets are back on the boil and now it the perfect time to jump back in, regardless of what area, the team can help you achieve your goals.
Economy & Employment
Currently, Croydon is home to more than 12,500 workplaces which employ more than 110,000 people. It is the 10th biggest tech/media hub in London and second only to Hackney in terms of growth rates among existing Tech companies.
£3.5 billion makes Croydon one of London’s most attractive investments
Croydon is one of London’s best-connected towns. Having access to the train, tube and tram residents of the area can easily make the commute to and from London. Such strong transit links are seeing a migration of new residents to the area, who are demanding high quality, liveable, property. With £3.5 billion currently being invested in the area, Croydon is set to become London’s fifth largest growth centre. Public and private sectors are investing heavily in the area. The government has already spent £23 million on rejuvenating the town centre and high streets.
East Croydon’s fast and frequent service gets to London Bridge in just 14 minutes and London Victoria in 16 minutes. With 24trainsperhour East Croydon has zone one accessibility. Also, from the centre of Croydon is Gatwick airport, one of the UK’s biggest and busiest international airports, only takes 15 minutes. Croydon truly is a connected City suitable for any prospective tenant, below you will see an example of travel times for the area:
- London Bridge – 14 minutes
- Victoria Station – 16 minutes
- Canary Wharf – 33 minutes
- Heathrow Airport – 43 minutes
- Gatwick Airport – 16 minutes
- Covent Garden – 24 minutes
Local Croydon schools offer great education opportunities for young families. For older students, Croydon is a stone's throw from one of the biggest, most prestigious educational hubs in the world. London is home to some of the top universities and educational facilities. Meaning, Croydon places itself perfectly for those looking to be close to such institutions.
Shops and Leisure
The Croydon Partnership will revitalise Croydon’s shopping and leisure experience. Westfield alone have a reputation for creating “shopping destinations” where people will go out of their way to travel too. Westfield London and Westfield Stratford see a combined footfall of 70 million per annum. The Croydon Partnership will see 1.5 million sqft of new retail and leisure space planned, the area is being completely revitalised.
Learn more here about the Westfield effect taking place in Bradford or click the links below for other areas that have benefited from a Westfield shopping centre.