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Sylvester83

Colindale Regenration Scheme

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I was wondering if you think the new regeneration scheme that is now building in the area behind Beaufort Park will be able to get rid of the Grahame Park stigma.

I've been offered a 1 bedroom for 250k (off-plan completion due May 2015) located 5 to 10 minutes from the station.

Just behind on the other side of the road, in Beaufort Park, they sell 1bed for 320k (off-plan completion due in 2017!!).

It looks like a brilliant offer. The flat is on two floors (entrance ground floor - bathroom, kitchen living room, 1st - bedroom 2nd) is that maybe why is down-priced? will it be difficult to sell?

I find it interesting because it feels like a detached house rather than a flat.

Or maybe is low-priced because faces in the Grahame Park direction and from one side you can see few 1-floor local-authority housing village?

I would buy it, but in few weeks comes available a new built just next to Colindale station and is probably going to cost 270-280k for 1 bed (completion september 2015).

Is just a normal flat in this case, but I suppose that being close to the station and away from Grahame Park will make it a better investment?

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Grahame Park isn't that bad, or at least it didn't use to be. I wouldn't be too worried about being near to it and would even suggest that ex-local authority houses on the estate may well hold their value better than the new build flats going up around Colindale at the moment. Some of the pubs around the station actually had more of a reputation for violence (the staff always seemed to be sporting injuries from breaking up fights on the odd occasion that I drank in them in years gone by) but they may have already been pulled down to make way for even more flats by now.

In general most people don't want to make the compromises involved in owning a flat and being in this kind of location and will normally avoid doing so in favour of houses with gardens or flats further into town if given half a chance. For this reason I think the new build flats in Colindale will likely only shift during a seller's market and will probably prove near unsaleable during a buyer's market. Given the size of the residential developments in this area I would also be very surprised if they don't end up eventually creating their own buyer's market simply through over-supply, regardless of what is going on elsewhere in London.

I would also be wary of the projected completion dates for off-plan flats as work seems to have stopped dead on several buildings going by the last few times I've been in the area (I suspect the developers may be trying to stagger supply to market indicating that demand for these flats may already be failing to keep up with the sheer volume under construction).

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mmh.. yes feels dodgy... flats get sold fast.. I saw new build being made in the year I've been here and now completely sold with people moved in end of last year.

But I see your point in all those new flats not holding their value in the future.

The area is anyway becoming very busy, you can see during the rush hours rivers of people coming from all directions.

There are developments like TNQ which are not even in Colindale as they are 30 minuts away from the station,

those yes are really silly things.. probably only investors from China are buying there.

Around the station area it feels a bit more like real people is buying.. or at least young professionals like me renting nice modern 1bed flat for the same amount they could only rent horrible flats/studio in fancy area more central.

There is always someone in the marketing suite buying off-plan during the weekends.

And take Beafourt Park.. I was considering to buy there 3 years ago, 1 bed flats were for 245k... now foxton sells them for 320k

so next to the fear to buy a worthless flat there is also the fear of missing out again.

Quarter of a million pounds for a flat.

said like that seems silly, but the other way too look at it is:

£600 a month repaying my my own place..

..rather than £1040 to rent a worse flat repaying someone else's place

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