Neighbouring the high profile Nine Elms regeneration and a stone’s throw away to Battersea Power Station, Southwark and Waterloo areas, an exciting development located in South West London sitting in between Oval and Kennington is fast becoming London’s newest landmark and a hotspot for property investment.
Now is the opportunity to invest early and take advantage of the growth potential the masterplan regeneration provides. We take a look at some of the key factors this investment location would provide.
Transport & Connectivity
Located within walking distance of 3 Underground stations – Vauxhall Station (Victoria Line), Oval and Kennington Stations (Northern line). Transport For London’s Northern Line extension to Nine Elms and Battersea Power Station is now opened to the public, and Kennington Station has been rezoned to Zone 1 from Zone 2, cementing the city-centre status of this leafy neighbourhood.
A mere 7 mins walk to Vauxhall Station, this Victoria service line is only 4 stops to Oxford Street, 5 stops to Warren Street (UCL & UOL) and 7 stops to King’s Cross (London Tech Hub). The Kennington Station is approximately 10 mins walk and it is only 2 stops to Battersea Power Station, with direct connectivity to London Bridge, Bank, Moorgate and Chinatown.
With the direct bus service on-site and tube stations nearby, it takes less than 30 minutes travel time to some of London’s top Universities such as London Southbank University, London School of Economics, King’s College London, University College London and Imperial College London. This lively corner of the UK capital provides convenient travel links into the centre of the city, with a wide range of green spaces and parkland, with great value.
Surrounded by Landmark Locations, with an affordable price tag
Oval and Kennington is just a stone’s throw away to some of London’s landmark locations, including Millbank at Westminster, which is located just across the Vauxhall Bridge, London Eye at Waterloo, Battersea Power Station, US Embassy in Nine Elms, London Bridge and The Shard in Southwark.
Oval Village itself is next to the Oval International Cricket Ground, one of the only 2 Cricket Grounds in Central London and home to the Surrey County Cricket Ground which has a capacity to host 27,500 people and other major sporting events.
The development is also sandwiched between 3 public parks, including award-winning Kennington Park, providing ample green and public areas for the community, which has been proven to be one of the most important public amenities during the pandemic.
An area rich with history and culture
The development itself is a former gasworks site, with one of the gasworks structures awarded heritage-II listed status which will be conserved and blended in the architecture within the masterplan.
This is a corner of London steeped in Rich Royal history, the land occupied by the Oval International Cricket Ground is still owned by the Duchy of Cornwall and nearby Lambeth Palace is home to the Archbishop of Canterbury, who presides over the coronation of every British monarch.
Surrounding the development is also the Beefeater Gin Distillery and many local boutique shops, creating a buzzing and eclectic food culture, ranging from street food pop-ups, new food innovations, intimate brasseries and pavement cafés. The local street markets, bakehouses, social dining clubs, bars and restaurants create a mellow artisan village environment on its doorstep.
The Opportunity – Oval Village
The 2 hectares Oval Village regeneration development will see Berkeley, one of UK’s top masterplan developer, transforming this former gasworks site into a mixed-use development, comprising a mix of residential, commercial, retail shops, landscaped parks, and amenities to compliment the thriving neighbourhood.
Still at the beginning of the phase, investors have a range of 1, 2 and 3 bedrooms available to choose from, with an attractive starting price of under £1000 per square feet in this central location. Oval Works, a dedicated commercial building which aims to provide 98,000sqf of office space across seven floors, is now owned by Landsec (one of Europe’s largest real estate companies) with a capacity to house around 750 employees when it is due to complete in 2025. There is also a wellness focused café and a co-working space, with the sixth floor boasting a wraparound roof garden with a view of the iconic Oval Cricket Ground.
There is an on-site Tesco superstore, already completed in August 2021, to welcome future residents and providing convenience to the immediate neighbourhood to enjoy. Retail and shops spaces will be scattered across the development, providing future amenities and services for the community.
Other amenities include 2.5 acres of landscaped public open space, an open plaza, 3500sqm of play space for young families and their children, as well as 1350sqm of commercial and community space.
As part of the developer’s commitment to sustainability, Oval Village will see new green initiatives such as rainwater harvesting, sustainable urban drainage as well as green space providing habitat for local wildlife.
Juniper Gardens, the latest release in Oval Village, investors have a fantastic choice of one, two and three-bedroom apartments set in a 16-storey building overlooking beautifully landscaped gardens, with every apartment featuring a balcony.
Residents will benefit from a range of facilities comprising a 24-hour concierge, 22-seat cinema, gym and fitness studio, swimming pool and spa, which will all be included in the future phase of the development.
Juniper gardens also features its very own private residents’ gardens, where one can seek to enjoy the outdoors and rooftop views towards the city.
All apartments are especially interior designed and adopting a refined, minimalist material palette that creates a modern, luxurious look. Purchasers have an option to choose between 3 colour schemes for the kitchen and 2 colour schemes for the bathroom, which will be fully fitted in the apartment.
All apartments include a 10 years structural warranty and 2 years internal build defect warranty provided by the developer.
Juniper Gardens estimated completion is between Q3 2024 - Q1 2025 and purchasers are only required to pay a 25% staged deposit (with no progressive interest payment during construction) and full settlement upon completion.
High rental demand, low void periods
The London property rental demand has hit an all-time high since UK has open its international borders and the uplift of the pandemic lockdowns. Benham and Reeves data in October 2021 indicating a shortage of rental properties, properties getting offers within 48 hours after putting on market, and properties achieving asking prices with multiple offers. Demand is high especially from international students and working professionals who are now back to London, pushing up demand with rents returning to pre-pandemic levels.
With the convenient location and ease of connectivity to the city and major universities, rental yields in the development are estimated to achieve between 4% - 4.5%, at current asking rent rates vs asking prices, which is considerably high for a zone 1 central location development.
Investors who are interested to diversify their MYR income but not sure how to it works to let and manage their London property investments from Malaysia, Benham and Reeves are able to provide full after sales services, covering furnishing, lettings, property management, tax advisory as well as on UK rental policies and procedures for foreign landlords, with their local KL office providing the service at the comfort of the local time zone.
Malaysian investors get to choose from both Malaysian and UK banks to finance their investments, should you wish to understand more do get in touch.
Homes at Juniper Gardens are priced from £690,000* onwards.
Cornerstone Xstate and Benham & Reeves will be launching Juniper Gardens at Oval Village on the 20th and 21st November (Saturday & Sunday) at The Four Seasons Hotel Kuala Lumpur, Level 6A, Ballroom 1, from 10am to 6pm. As we comply to the Covid-19 Standard Operating Procedures, it is advisable to reserve your attendance in advance to book your preferred time slot. Please contact Melvin (PEA 2346) 012 228 6478 or Michelle (PEA 2347) 013 388 6813 to know more, make an appointment or log on to www.benhams.com/london/oval-village/ to register or for further details.
Cornerstone Xstate Sdn Bhd 1289663-A | A-5-10 & A-5-11 Block A, Ativo Plaza, No.1 Jalan PJU 9/1, Damansara Avenue, Bandar Sri Damansara, 52200 Kuala Lumpur. T 03 6261 7238. Benham & Reeves | A-1-10 Plaza Damas 3, Block A Jalan Sri Hartamas 1, Sri Hartamas, 50480 Kuala Lumpur. T 03 6211 6478. Approval number: LPEPH/FE/019/2021(KL). *Price quoted is available at time of publish & is subject to availability.