Published by: StrettonsThe ongoing development and regeneration work taking place in and around Tottenham is set to transform the area. With a supportive local council and more than £1 billion of public and private backing being invested into the borough, the area is set to benefit from 10,000 new homes and 5,000 new jobs by 2025.
In this month’s feature, we will focus on one area of regeneration within the borough, Tottenham Hale. Aimed at becoming London’s next great neighbourhood, the comprehensive plans include a bustling new centre with an international transport hub, residential quarter and thousands of new job opportunities. The plan also focuses on the development of green and open places to improve and connect natural features from the Lee Valley to Tottenham High Road.
The area is the first phase of the Tottenham Housing Zone and is set to undergo a revolution over the coming years with Haringey Council aiming to oversee the development of 5,000 new homes, with partners aiming for the accelerated delivery of quality, affordable homes to rent or buy. The creation of new employment opportunities with the provision of affordable workspaces for creative and maker SMEs, coupled with the new National College for Digital Skills will boost the area’s credentials as a place for business and innovation.
The regeneration will also be supported by improvements to the local transport infrastructure. TFL has invested £20 million into a new tube, rail and bus station, £40 million has been assigned for improving local roads including the transformation of the one way gyratory system and £72 million has been invested to deliver four trains an hour between Northumberland Park, Tottenham Hale and Stratford.
As such Tottenham Hale is fast becoming north London’s focus for new residential and commercial investment all in-line with the dynamic masterplan.
The Ashley Road South Masterplan is one element of the overall plan. The development site was one of the sites identified by Haringey Council’s District Centre Framework and includes the development of the Cannon Factory and Ashley House. This will have an important role in delivering the council’s regeneration and help boost the economic prospects of the borough while providing a much-needed dwelling mix in the range and size of homes, private, rented and affordable housing built to ensure an appropriate mix and balance to meet the needs of the community.
Area and opportunity
Currently standing as industrial units, the acquisition of two large sites on Ashley Road have provided an illustration of how partners are working together to help Haringey achieve its Ashley Road South Masterplan.
On behalf of Berkeley Square Developments, Strettons agreed a sale of a site known as Station Square West which is adjacent to Premier Inn in Tottenham Hale. The purchaser consented to buy the site subject to planning which had been secured. The scheme comprises 128 residential units with commercial on the ground floor. Opposite, on Ashley Road, Berkeley Square Developments are working up plans for a further c900 residential units and associated commercial.
The sites are an important first step in Haringey's plans to work towards greater improved local economic growth, housing and sustainability in Tottenham Hale. This will be delivered through the combined 265 new homes (50% affordable), 3,600 sq ft of commercial space and new public, private and communal amenity space throughout the first phase development. Notting Hill Housing and Berkeley Square Developments have created independent masterplans for the redevelopment of this area, both contributing separate planning applications for their respective land holdings as part of the Ashley Road South overall vision.
Utilising the Land Registry Housing Price Index as a guide, the data shows that over the last 12 months, Tottenham Hale’s average residential property value was £450,211, which represents a 7.2% increase from the previous year. Compare this figure to the last 5 years and the area has seen a 55% uplift in residential property value. Presently flat values within the Hale Village scheme are reaching in excess of are £600/ft, but expectations for large new schemes coming forward would be in excess of £650/ft.
The positive trajectory for housing prices is already evident before the full effect of the planned regeneration is realised. There will be a range of valuation advice depending on the product in question, so a specialized valuation is recommended to learn the most accurate quote. While providing a mix of relatively affordable options and the forthcoming works in planning, this area is one to watch.