Greater London residential market booming as investments increase
By Bridging Loan Directory -
IP Global, the international property investment company, has made a GBP9m investment in the prime North London area of St John’s Wood.
IP Global has underwritten the residential development Octavian House, 15-17 Alexandra Road. This new build scheme, being developed to a high specification by London Realty Group, offers eight luxury apartments. Octavian House units range from GBP965,000 to GBP1.5m.
There has been an increase in investor confidence in properties outside Prime Central London (PCL), a trend which IP Global is witnessing in leading areas across Greater London and locations on the new Crossrail route. These trends have been quantified with PCL seeing annual growth of seven per cent compared with Greater London at 9.7 per cent. The market in St John’s Wood, for example, has been cited as being the busiest it has been since 2007.
Tim Murphy, chief executive of IP Global, said:
“London property continues to be very attractive for investors and St. John’s Wood represents a great opportunity as one of the most prestigious addresses in the capital. A significant amount of interest has already been shown in these apartments which is testament to the high specification of the scheme and opportunity that these apartments present.
“We are constantly on the look-out for quality developments all over London and the UK and so jumped at the opportunity to work with Gallagher Developments on this prestigious scheme.”
Half of the available units have been reserved and the development is expected to complete in March 2014.