PROPERTY NEWS
HEATHROW GETS PROPERTY BOOST
The regeneration of West London’s “Heathrow Quarter” has been given a further boost by the launch of The Hurley Apartments at St George’s innovative Parkwest development. The anticipated arrival of Crossrail is giving this up-and-coming area an added edge, and investors in The Hurley’s apartments can look forward to a rental yield of 7 per cent. Prices start at £179,950. For more information go to www.park-west.co.uk.
THUMBS UP FOR POWER STATION
Eric Pickles, the Minister for Communities and Local Government, has given the final seal of approval to the £4bn redevelopment of Battersea Power Station. Developer Treasury Holdings says that it is “delighted” and will start the planned building of offices, shops and apartments on the site in 2012. However, the project’s finance is on shaky ground: Treasury Holdings is still in need of an investor to buy a 50 per cent stake in the scheme.
RENTS TO GROW BY 3 PER CENT
Residential rents in Central London are set to grow by 3 per cent this year, slightly ahead of the predicted increase in average income, according to property consultants, Cluttons. Head of Residential Consultancy Andrew Stanford put the strength of the market down to foreign investors, particularly those from China, where rising interest rates are encouraging investors to put their money in English bricks and mortar.