Richmond Council is in the process of developing their new Local Plan. The current one has been in place since 2018. The goal is to finalise its successor by summer 2024, with adoption to follow in the winter of 24/25. It will detail development goals for the area, including plans for key sites. This could then result in the creation of some of the most interesting investment properties in Richmond upon Thames over the next 15 years.
What is happening?
The Council began reviewing the scope and vision of a new Local Plan in 2020. There was a period of public engagement where they asked stakeholders to submit sites that could be suitable for redevelopment. A Draft Local Plan was written and revised over the following years. Further public consultation is ongoing at the moment for the latest version.
While the plan is still subject to change, it is a good chance to look at some of the sites that have noteworthy development potential. Basic ideas for the type of developments give a look at what they could mean for the area in the future too.
Developments
One notable site mentioned in the plan is Richmond Station. It was originally chosen with an aim to improve travel. This is one of the busiest stations in the borough, with millions of passengers using the Underground and National Rail services every year. To account for that, the Council wants to improve the interchange and facilities. The latter could include restaurants, leisure, and offices. In addition, there is an idea to have flats on the upper floors to create new housing.
Teddington Police Station is also a high profile name in the Draft Local Plan. In fact, it is one of the most contested investment properties in Richmond upon Thames. It closed in 2017, citing issues with costs, and was put up for sale. There was a concern that it would become a new luxury development. However, local campaigns fought to ensure the site would be for community use. This seems to have been successful, and the plan now says the site could become a medical/health centre with flats.
The Council is also proposing to improve educational buildings in the area. This will include upgrading St Mary’s College, with new facilities and accommodation. Richmond upon Thames College would get a revamp too.
A number of projects will look to create more housing in the borough. This includes on the Sainsbury’s car park in Hampton, Homebase in Twickenham, and the Stag Brewery in Mortlake.
Several sites also have inclusion in the plan but already have other planning applications in place. This includes Twickenham Riverside, Barnes Hospital, and more.
Overall the new Local Plan would lead to some fantastic changes for Richmond upon Thames. It could bring thousands of homes, including affordable housing. Plus, there would be new amenities, community assets, and more.
Thinking about investment properties in Richmond upon Thames?
At Finefair Ltd we appreciate that this is one of the shining jewels in South London’s crown. In fact, the borough has the highest average house price in the area. That showcases how popular it is. People love the area for the quality housing, green space, good schools, community feel, and lifestyle.
With so much to love, demand for homes is usually high. People want to buy and rent here. That can create some fantastic opportunities for investors. If you want to get involved, or already have investment properties in Richmond upon Thames, we can help you. Contact us for advice, management services, guaranteed rent, and much more.
