Park Crescent | Luton
Location: Luton, UK
Prices From: £172,654
Yield: Estimated yields of up to 6% per annum
- Studio and one-bedroom apartments in a modern, high-specification development
- Located half a mile from Luton Rail Station which offers access to St Pancras in 23 minutes; Faringdon in 35 minutes; Blackfriars in 45 minutes
- 6-minute drive to Luton Airport
- Adjacent to the University of Bedfordshire Luton campus
- Sizes range from 317 to 522 square feet
- Leasehold 250 years
- Estimated completion Q2 2017
- Between 65%-75% LTV available (minimum cash investment of £78,000 needed)
- Estimated rental yields of up to 6% per annum
Luton is one of the most profitable areas in the UK to be a landlord according to LendInvest. Not only are rental yields high at up to 6%, but so are capital gains, with house prices rising 18.5% in 2015, offering an impressive return on investment. Increasing demand has pushed average rents in the area to £722, a 10.4% increase from 2014 – the highest in the UK!
Aspen Woolf are pleased to present Park Crescent in Luton, a modern, four-storey building in the heart of Luton’s town centre. Refurbished from a former government building, the development is situated in an extremely prime location minutes from the train station, The Mall Luton and the University of Bedfordshire Luton campus.
Located just 30 miles north of London, the Bedfordshire town of Luton is well-connected with transport links by road, rail and air to England’s main cities including the capital. According to Oxford Economics, property prices are set to grow by 41% by 2019, marking the second-highest price growth increase in England and Wales. Luton is also ranked the top buy-to-let market in the region.
Direct transport services will have commuters in London St. Pancras from Luton Rail Station in just 23 minutes. Yet, Luton remains one of the most affordable commuter towns in England, although this is unlikely to last long. JLL forecasts that overall house prices in London’s commuter belt are set to increase by 24% by 2020.
A diverse and significant £1.5 billion inward investment programme for the town was unveiled in 2015 by Luton Council. More than 18,500 jobs are due to be created with various mixed-use developments proposed including a 395-acre Enterprise Zone that will become a destination of choice for various businesses adding to the number of multinational firms that already call Luton home. England’s fastest growing airport, London Luton Airport will also undergo a GBP110 million redevelopment as part of the investment plan, increasing its annual capacity by 50% by 2020.
As investment gets underway and the population begins to rise, the Bedfordshire town will hold even higher appeal for families, commuters as well as students thanks to the proximity of the University of Bedfordshire’s Luton campus. Projected property price growth – at a rate amongst the nation’s highest – poses an attractive case to potential property investors.
Investors and renters are increasingly searching for pockets of value outside of central London that are both affordable and offer easy commuter access into the city. Luton is one such place with direct rail services to London St. Pancras, Farringdon and Blackfriars as well as its own international airport.
The town’s population growth rate was 1.8% in 2015, higher than the UK average of 0.8%, which is likely to continue to put a strain on the current housing supply. With current affordability and plenty of investment forecast in the coming years, the price growth potential of properties in Luton is particularly attractive for investors.
Park Crescent residential development is just 400 metres from Luton Rail Station and is adjacent to The University of Bedfordshire Luton campus. The four-storey building boasts 42 beautifully designed high specification, one bedroom and studio apartments. The ground floor is set aside for commercial purposes. The exterior is being completely remodelled with the introduction of new windows and doors and the whole façade covered in an intricate system of insulated coloured renders.
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