| Topic: | Reply | |
| Posted by: | Andrew OSullivan | |
| Date/Time: | 11/04/23 11:52:00 |
It is possible that this development will never be completely built. They have started with the main tower block near Chiswick which will have a lot of very lettable flats with panoramic views over London. I don't know what the affordable portion of this building is (if any) but there will be enough market rent flats to yield a healthy income. The problem comes when they start to try and sell the lower priced units in the later developments. The secondary market for Acton Gardens units is now below what many people paid for them and rising service charges are making people regret moving there. Shared ownership schemes and other supported purchases will be popular as they were in the Pocket Living building but most of these schemes need good sales on the market price units to make a profit. This doesn't look likely in the current environment. Barratts have lots of projects on hand and can probably twist TfL's arm to get a low cost for transfer of the landbank into the development company but that will significantly reduce the excess that can be invested back into transport which is how this scheme is being justified. |