There are lots of projects in play to regenerate different areas in London. These redevelopments can have all kinds of goals in mind, including creating new housing, improving health and wellbeing, and supporting communities. It is fantastic to see how they can improve areas. As one of the top names for guaranteed rent Westminster has, we want to look at one of the biggest projects in this part of London and the recent milestone in it.
Church Street redevelopment
In 2018 Westminster City Council revealed their new Masterplan for a redevelopment of Church Street. The proposal was to create a “City for All”, with new housing, amenities, and more. The work would create 1,750 homes, new community and health/wellbeing hubs, more open space, an improvement to the market, and a new cultural quarter. The project would also create new jobs.
The Masterplan creates the framework for the physical and economic renewal of the area over the next 15-20 years. It wants to celebrate the unique qualities and character of the location, but make improvements to help communities and businesses.
The whole project is split into several parts. Pre-planning applications are in for sites A, B, and C. Construction is under way at Church Street Triangle. Work on Ashbridge, Ashmill, and Cosway Street is ongoing. Lission Arches is also under way, with completion expected for winter 22/23. Lilestone Street is still at the development stage following public consultations. Orchardson Street is also at an early stage, with the anticipation that work will begin in 2024.
Luton Street
However, there is great news for one part of the wider redevelopment. Construction at Luton Street has now finished. The site is in the heart of the area, so it is wonderful it is one of the first parts to reach completion.
The redevelopment is led by the creation of 171 homes. Of these, 62 are affordable. People have been able to begin moving into these properties since September.
As well as the housing, the redevelopment includes state of the art community facilities. Central to this is a new sports hall and community space. It will open in October, providing three indoor spaces for various sports. Plus there will be a studio for group exercise classes, meetings, and children’s parties.
It is also noteworthy that Luton Street includes a brand new pedestrian route with landscaping. This is a piece of the new Green Spine for the Church Street area that will link it with Marylebone. The whole idea is for it to be pedestrian friendly to promote walking and cycling instead of using cars. Plus, it aims to improve biodiversity and health with more green space.
Speak to us about guaranteed rent in Westminster
As you can tell from our name, our main focus is on guaranteed rent. It is a great service for investors that can ensure you always get rental income for your properties. This can be useful to avoid the risk of losses due to voids or tenants that don’t pay.
The service has the backing of local councils across London. It involves working with them so you get steady payments and they can use the properties to house council tenants. In Westminster there is very high demand, with a ten year long waiting list for some types of housing. So, it is a really good option if you want easy access to tenants.
If you are trying to decide what to do with your properties and want to find out more, you can contact us. We can go into detail about the best option for guaranteed rent Westminster has to offer. Then, if you go ahead we can help you with going forward. You will get the benefit of our experience and resources.
