Just a quick update on the American Embassy.
The new US Embassy is taking shape, with the official opening in 2017. This will be a massive contribution to the local economy, but also to house prices and rents. The developments that will see the largest increase of rents will be those which are next to the new US Embassy, which are Riverlight and Embassy Gardens (Currently).
The current rental for 1 bedrooms in both developments, being roughly in the range of £550 per week, with 2 bedrooms in the region of £625 per week. When the US Embassy opens, rents will most likely see an increase of about 25%, due to increased demand from local housing stock, but also due to the completion of most of both developments and their world-class facilities.
The current price of a one bedroom apartment in both developments range from about
£600,000 -£900,000 and two bedroom apartments from £900,000-£1.4 million, all depending on floor view etc.
The current return on investment for both developments on completed apartments (not off plan) is about 3-4% per annum, however, with increasing rental income and property appreciation this is most likely to significantly grow further.
If you are thinking about renting or buying an apartment within this area, please feel free to contact me at
tomweekenborg1@gmail.com for more information or to arrange a viewing.
The new apartments will have the courtyard and Linear Park views that are currently available with the Ambassador building. They will also have the views of the two next-door developments of the Residence and Nine Elms Parkside. These two developments will add another 500 and 1800 homes respectively to the area alongside 200,000 square feet of commercial space.
