Developer St George is continuing its Parkwest development into phases 2, 3, 4 and 5 at a pace unaffected by any credit squeeze.
The 574 Broadway Malyan designed apartment development has over 200 units pre-sold to Notting Hill Housing Trust for social housing or shared ownership. St George has so far sold over 130 units, and is presently building out the next phase, with around two years left on site.
Sales of apartments are healthy, and without discounting, according to Ian Dobie, Managing Director of St George West London.
The key to success, apart from niceties like the ‘green car club’, a by-the-hour hybrid fuel car rental scheme for residents, is of course location and product. The Heathrow market has sustained a demand for apartments, both for sale and buy-to-let, that may not be duplicated elsewhere.
"Some of the flats bought for rental are achieving rent yields of 5-6%", says Dobie, an indication that the local rental market is distinctly healthy, and that probably an undersupply of apartments exists.
Next door lies the former National Air Traffic Services (NATS) London Control Centre, a sizeable site left vacant by the NATS move to Swannick in Hampshire. This site is understood to be on the market now.