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The presumption that West London is the most prosperous part of town has meant that there has been little focus on the regeneration schemes in some of its rundown boroughs. The west even has its own sporting championship-inspired project - Wembley City, a development by Quintain of apartments, shops and hotels on the 85 acres surrounding the stadium. This scheme may be a minnow when compared with the Olympics construction frenzy in East London, but it still represents a new look for a location that badly needed a makeover.
But, although publicity may not be shared out in equal measures, the effects of the downturn are being evenly distributed between the West and East London. Developers are strapped for cash, as are their would-be buyers. Yet many projects are continuing to be built, on the basis that the West's advantages, including its green spaces and transport links, will mean that it could emerge from the gloom before the East.
It was doubtless a desire to emphasise ease of access to London's biggest airport that inspired Barratt to name the neighbourhood close to the M4 in Brentford as “Heathrow Quarter”.
This clunky piece of rebranding does not seem to have perturbed the buyers of apartments in the Great West Quarter (GWQ), Barratt's £210million refurbishment of the dilapidated Art Deco blocks formerly occupied by GlaxoSmithKline. About three quarters of the 111 studio and one, two and three-bedroom apartments in the first building to be completed - Wallis House, an impressively restored edifice with a collonaded façade and 24-hour concierge service - have been sold; studios cost from £225,000, one-bed flats from £275,000, and three-bedroom flats from £465,000. The scheme, due to be finished by 2011, will provide 773 homes, half of them affordable (managed by the A2Dominion and the Notting Hill Housing Groups).
Aircraft and traffic noise do not disturb residents much because of the replacement of the original windows with tasteful double-glazed replicas. Barratt has also sold all the units at the front of the buildings overlooking the M4 as office space.
The road also brings benefits: Syon Park and Kew Gardens are 15 minutes' drive away for those who want peace. The shops, bars and restaurants of Chiswick, one of West London's smartest suburbs (where a one-bedroom new-build flat will cost you between £250,000 and £300,000) are at a similar distance; Barratt is also promising to build cafés and bars as part of the GWQ development, and has already completed an eight-acre underground car park. You can drive - or go by Tube - to the centre of London in about 30-40 minutes.
“It's a nice little area and has a great community feel to it. We get a lot of young professionals moving here because it's cheaper than Chiswick,” says Julia Quilliam, the owner of Quilliam Estate Agents in Brentford. “GWQ is a fantastic development. The only thing I would be worried about would be the commercial spaces the developer is promising. The Ferry Quays development near by had various shops and restaurants when it opened. Now many of them have closed down. Whether people will actually end up using them or not is difficult to predict.”
Buyers for GWQ have so far included a high number of local residents who were previously renting, as well as a small number of investors from Ireland and the Middle East. Adam Lawrence, Barratt's regional chairman, admits that the project has been hit by the downturn: “This time last year we were selling about two and a half units a week. Now it's about one and a quarter. But people who can get the funding still see it as an attractive location.” To encourage buyers, Barratt is offering various incentives, such as mortgage holidays until 2010, on some properties. Officially, these incentives will only ever cover up to amp;#33;5per cent of the value of the property, but extra discounts, such as assistance with stamp duty, are often available for those who negotiate (see case study above).
Jon Neale, head of residential development research at Knight Frank, is not worried for the project. “Compared with East London, supply is quite tight this far west. The demand is high, so it's a good place to invest.” Neale adds “If you have access to cash or credit, it's a great time to buy a new-build, since you can often negotiate a better price than on older properties. Plus, this sector will recover before the second-hand market because it is set to reach the bottom more quickly.”
Barratt: 020-8326 7277, www.gwq.uk.com
Case study
Marnie Readman, a 36-year-old procurement manager, was renting in Crystal Palace, South London, before she decided to buy her one-bedroom flat in Wallis House in Great West Quarter. “From the beginning, I absolutely loved the concept. The cafés and the central plaza will be fantastic for socialising.”
It takes Readman 15 minutes to walk to work. Her nearest station is Kew Bridge, 30 minutes by train to Central London. “The area has great transport connections. And the building is surprisingly quiet. Inside, I can't hear the motorway at all, and can barely hear the planes.” She bought the flat for £280,000 in January but Barratt paid her 3 per cent stamp duty, as well as 5per cent of the property's value, matching her deposit, on its Buyer Power scheme. Readman admits she does not spend much time in Brentford, but as a rower she enjoys being so close to the river. “I love Chiswick and Kew but could never have afforded to buy somewhere like this. Barratt helped me negotiate something I could afford.”
Would she have ever bought in East London? “Crystal Palace was fine, and I think the East would probably be a good investment because of the East London Line. But I much prefer the atmosphere over here. I'm right where I wanted to be.”
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