Last week Brent Council gave approval for a new development at Wembley Point. It will create new housing, retail and community space, and more. We want to take a look at the project here because it is an impressive example of property investment in Brent. It could also lead to the creation of some fantastic new assets for investors.

The plan

The project is from Wembley Tower, the developers behind the redevelopment of the WEM Tower. They are planning to invest £250m to create three new tower blocks in the area. This will deliver 515 new homes and more.

According to the designs, the first new building will be the tallest at 32 storeys. It will provide 266 flats for private sale. There will be 84 one bed flats, 178 two bed, and 4 larger three bed.

The second building will be the shortest at just 3 storeys. This low rise block won’t have any housing. Instead the plan is for it to provide community space in the form of a gym. There is a plan for Stonebridge Boxing Club to use it.

Finally, the third building will be multi level, reaching 20 storeys at one point and 16 at another. In total there will be 249 homes. Of these 116 will be affordable with a 70/30 split for affordable rent and shared ownership. There will also be four commercial spaces.

The response

Large developments like this generally receive some negative responses. The council had to consider them before agreeing to grant permission for the property investment in Brent.

The first concern was about the amount of affordable housing. The original plan was for it to be 35% of the homes. However, the final total was 24%. There was criticism that it does not meet the council’s planning requirements. However, the developer said it was the maximum they could feasibly achieve. The number had to come down because of economic conditions and changes to fire regulations that now require second stairs. As a result, the plan got approval.

A second concern is the impact on local transport. There are fears that so many new residents could mean more congestion on roads and more pressure on public transport. However, there is good news on both fronts. For one, the development will be car-free, with the exception of a small number of blue badge spaces. Cycling will be the priority. Plus the developer will contribute £1.02m to help improve Stonebridge Park Station and local bus services.

Finally, local residents had concerns about loss of sunlight and privacy. With any skyscraper there is potential of that. In this case 29 existing homes may lose out. However, the council believes the benefits of the development outweigh the impact on these properties.

Are you thinking about property investment in Brent?

Investing in properties can be a really great idea, especially in London. We support clients who choose to do it. What we do is provide a selection of exceptional services that can deliver more value for these assets. For example, there is guaranteed rent to protect the income. Plus, we can handle management, portfolio reviews, HMO conversions, and more.

So, if you want any help with property investment in Brent, speak to us. We’ll find the perfect collection of services for you.