GCC investors given a rare opportunity to own a new build house - Middle East News 247
July 20, 2024
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GCC investors given a rare opportunity to own a new build house

Barratt London, part of the UK’s largest housebuilder Barratt Developments, has officially launched a rare opportunity to own an exclusive freehold mews house in the Zone 3 location of Tooting Bec in the popular South West London neighbourhood of Wandsworth.

While finding a new build apartment in the area is relatively easy, it is increasingly more difficult for investors to secure a new freehold house. Last month, a search on the property portal Rightmove revealed just three new build houses were available out of 457 new homes, two of which were on a leasehold basis rather than freehold.

The mews houses, located in Barratt London’s Springfield Place development, come in two and three-bedroom configurations and are set over two or three storeys, offering up to 1375.76 sq ft (127.81 sq m) of versatile family living.

Stuart Leslie, International Sales and Marketing Director at Barratt London, said: “Whether you are looking for an investment property in an established, popular location, or a home for yourself or your children that is well-connected, these unique mews houses offer overseas investors fantastic long-term appreciation potential and excellent rental yields of up to 5.5%.

According to property experts Strutt & Parker, the surrounding area of Springfield Place attracts a high-end potential tenant base consisting of affluent individuals looking for the convenience and vibrancy offered by the development. Barratt London also offers a Rental Guarantee Scheme for overseas investors, guaranteeing a 6% gross yield for 24 months (less charges and costs) across various sites.

As an investment vehicle, research from Strutt & Parker has witnessed a positive performance in the last decade, with average property prices in Wandsworth increasing 58% from 2012 to 2022 and 5% in the past year alone.

Each mews house has allocated parking, an electric car charging point and a spacious, private rear garden. Set in a quiet street, all properties feature high-quality finishes, including individually designed contemporary kitchens with soft-close doors and drawers, Silestone worktops, glass splashbacks and integrated appliances. Tiled bathrooms and flooring throughout are included as standard.

Overall, Springfield Place comprises 232 one-, two- and three-bedroom apartments and 29 two- and three-bedroom mews houses and is part of the wider 82-acre Springfield Village – a new urban village of 839 homes, which includes a 32-acre park (London’s biggest new park created since the 2012 Olympics), plus a café, shops, public square and land for a new primary school.

While Springfield Village is a new development, Tooting Bec has long been popular with buyers looking for an unbeatable mix of healthy outdoor living and great connections.

The excellent transport connections at Springfield Place mean that it is the ideal solution for parents buying a property for children studying in London, and with all homes featuring good-sized bedrooms with the vast majority en suite, the properties represent good options for siblings or friends who are sharing.

Getting around London to its many universities is made simple with the nearby Tooting Bec Underground station offering a Friday and Saturday 24-hour service on the Northern Line. Additional railway stations, Wandsworth Common and Earlsfield, are within easy walking distance. In the long term, there are plans for Crossrail 2 to include a stop at either Tooting Broadway or Balham, both of which would be convenient for residents at Springfield Place.

Prices at Springfield Place currently start from £802,000 (US$1.02 million) for a two-bedroom mews house and £1,088,000 (US$1.38 million) for a three-bedroom, three-storey home.

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest news and essential infotainment for, and from the Middle East region, with a key focus on the GCC countries.
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