There have been plans in the works to redevelop the 1960s Avenue Road Estate in Leytonstone for years. Sadly, they have not come to fruition yet. We want to have a closer look at the project to see why and what residents want to see happen next. Then, if you need help with guaranteed rent in Waltham Forest, you can rely on us.
Proposals
The estate was built in the 1960s to help address a severe housing shortage in the area. To ensure a faster build time, prefabricated concrete panels were used. However, they are now past their operating life. As a result, the buildings are costly to maintain, have a number of issues, and don’t meet modern standards.
Waltham Forest Council has been looking to rebuild the estate since 2010. In 2021 residents gave overwhelming support to proposals that would have seen the first phase complete by 2026. The project would demolish current buildings, replacing 258 flats with 617 new ones. Notably, there would have been a 23 storey tower. In addition, the work would create two new retail buildings and two community buildings.
There was progress, with the council selecting Bellway to be their partner for the project. However, the developer had to pull out in September 2023. They said the work would no longer be financially viable because of the market conditions at the moment.
The withdrawal of Bellway meant the project was in limbo. Waltham Forest Council said they would still proceed, beginning by securing £190m from GLA to finance projects. They aim to finalise the funding for Avenue Road Estate this month and will then select a new partner to do the development. If you invest and need guaranteed rent in Waltham Forest, we can help.
Unhappy residents
The lack of progress on the redevelopment has been incredibly disappointing for residents. Many report serious issues with their homes. These include leaks, building movement, and even rodent problems.
In addition, residents have concerns about anti social behaviour on the estate. Most worryingly, they report open drug use is a massive issue. They want to see more being done to stamp it out and make the estate safer.
The hope is that work will finally be able to begin on the site in 2026. However, some residents say even this isn’t acceptable, citing the impact on their mental health of having to continue living in the properties.
Do you need help with guaranteed rent in Waltham Forest?
There are many fantastic areas in Waltham Forest, perfect for different kinds of investors. If you buy assets and want to enjoy a healthy, stable rental income, we can help. Guaranteed rent is our speciality. We can arrange schemes with local councils, resolving the issues of finding tenants, management, and more.
So, if you want guaranteed rent in Waltham Forest, we’re the perfect people to arrange it. We can even help with initial things like preparing properties. Then, we’ll be able to help for as long as you need us. Get in touch today and learn more.
