Thornsett Group

More on offer than Olympics

Some parts of London capitalise on the past, using their history and architecture. However, Stratford is firmly looking to the future. And it’s no wonder – in just over a year’s time, the eyes of the world will be on it as the opening ceremony of the London 2012 Olympics and Paralympic Games begins at the new Olympic Stadium.
The Olympic Park will be the focal point for sport, with the Athletes’ Village housing 17,000 competitors and officials. The site, roughly the size of Hyde Park, was formerly industrial land, much of which had been neglected for decades. It had to be cleared and cleaned before the construction project could begin in May 2008.
The legacy of the Games will live on long after they are over as the Olympic Park will become a massive urban park and wildlife haven. The sports facilities will be adapted for use by the local community and athletes, while West Ham United will take over the stadium. New housing is planned for the site and the Athletes’ Village will be turned into 2,800 new homes, half of which will be affordable. However, there’s far more to Stratford’s future that the Olympics. It’s at the heart of Europe’s largest regeneration project and is on course to become a leading east London destination. More than 46,000 jobs will be created, and 20,000, new homes built and integrated into existing neighbourhoods where possible.
A major milestone in the regeneration timetable will be reached on September 13 when Westfield Stratford City opens.
Built inside the Olympic Village at the gateway to the Olympic Park, it will be the largest urban shopping centre in Europe, with 300 stores, 50 places to eat, Britain’s largest cinema, a casino and three hotels.
Stratford is also remarkably well connected for the public transport, being on the jubilee line, Central Line, Docklands Light Railway, overground and Southeastern High Speed network into St Pancras and Kent. Located in Zone 3, an annual Travelcard costs £1,288.
It’s also on the Crossrail route, due to open in 2018, which will link Heathrow and Maidenhead with Shenfield in Essex. There’s a strong sense of community, plenty of attractive Victorian terraces and, for a location that’s just 12 minutes by the tube to Bank, homes are reasonable priced.
The average property costs £222,312, according to Zoopla.co.uk. ‘Stratford has a range of housing – there are good levels of Victorian homes and new developments, ‘ says Anne Currell of Currell Residential estate agent.
‘Ex-local authority flats can be found for under £200,000, depending on location, though they sell for more on smaller estates. In the main, one-bedroom flats cost from £200,000, two bedroom flats from £250,000, and period houses £450,000 to £500,000.
‘The best roads, including Lett Road, Carpenters Road, Walton Road and Jupp Road, are off the high street in the new part of Stratford, ‘ she adds. ‘Purchasers are a real mix. They range from parents helping their children and those in their first jobs to international investment buyers,’
A 64-apartment development by Thornsett Group in Lett Road, with views of the Olympic Stadium and a communal roof terrace, has seen a flurry of interest. Prices range from £199,950 for a one-bedroom flat to £650,000 for a penthouse.
‘It’s so close you could almost put your hand out and touch the stadium,’ says Currell. ‘Yields here are good at 5.5 to 6 per cent. The better yields generally are on smaller flats, with a one-bed flat renting for about £240 a week, and a two-bed for £280-£300. Some locals are keen to let their homes out during the Olympics but no one really knows what they can achieve as demand can’t be gauged yet.’
Ruth Philips, who runs property management company Ruthphilips.co.uk, says some potential tenants are concerned about the Olympic effect. “The rental market in Stratford, like the rest if London, is buoyant with short supply and high demand. Rents have increased in excess of ten per cent in the past year’ she explains. ‘Families who are looking for long-term homes may feel a little vulnerable at the moment with the threat of being made homeless next year when landlords want to cash in on high short-term rentals.
‘Several people who are looking to rent now have specifically asked whether they will be secure for long-term letting.’