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Brentford 2019 Focus On: Brentford RESEARCH FOCUS ON: BRENTFORD 2019 FOCUS ON: BRENTFORD Brentford, a riverside former industrial area situated among London’s expansive green spaces, is set to become one of the capital’s largest waterside regeneration hubs. The district occupies a key strategic culminating in the opening of the train line position for businesses and residents due linking Brentford to Heathrow Airport and to its historic connectivity via water, road London’s West End, and the 1965 opening and rail. of the elevated section of the M4 motorway. Brentford, TW8, was a key interchange As a result, company headquarters in TW8 joining the Grand Junction Canal to the and the surrounding postcodes proliferated River Thames during the late 1700s and over subsequent years. Now, Brentford early 1800s, and its connectivity expanded is designated in the draft London Plan, during the following two centuries, the mayor’s strategic document, as a key centre with high growth-potential in both commercial and residential property sectors. FIGURE 1 Average homes in Brentford sell at lower capital values to neighbouring locations Year to end Apr 2019 ECONOMIC GROWTH Brentford sits in the borough of Hounslow, Acton where gross value added, a measure of Higher economic growth, is forecast to grow more than 20% in the coming decade, while employment is forecast to rise 8%. Lower TW8 and its neighbouring postcodes are home to a variety of large company Chiswick headquarters due to ease of access into central London and Heathrow. They are mostly positioned close to the M4, and at nearby Chiswick Business Park, which is home to a plethora of oil and gas, media Brentford and technology companies. The largest employers include pharmaceutical company GSK, oil and gas firms Tullow Oil and Worley Barnes Parsons, and Qatari media company Fadaat (fig 2). Other major local employers include telecommunications giant Sky and computer game developer Sega. Isleworth Hounslow, already a hub for the creative industries, has been named as one of London’s first Creative Enterprise Zones. This entitles the borough to receive Mayoral Richmond upon Thames funding in order to foster growth across the creative sectors. Significant levels of new office construction are underway across Chiswick, Hammersmith and Ealing to accommodate new businesses moving to the area. Now, Source: Land Registry more than one million square feet of new 2 RESEARCH KNIGHT FRANK FOCUS ON: BRENTFORD 2019 office space is due to complete between neighbouring towns of Chiswick, Barnes The draft London Plan suggests 2,182 2019 and 2022, as developers anticipate and Richmond upon Thames (fig 1) and homes must be built in Hounslow every growth in local employment, according to average sales prices in TW8 during the year over the coming decade in order to Knight Frank Research. past 12 months were the lowest of any meet new demand and clear a backlog of riverside postcode in west London. undersupply (fig 3). Hounslow Borough Council’s local plan suggests the current Total housing stock in Hounslow pipeline will result in the delivery of RESIDENTIAL expanded by 991 units in 2017- approximately 2,400 homes in 2019/20 DEVELOPMENT 18, according to official figures. and 2020/21, hitting its minimum target, With a large number of global office Housebuilding in the borough needs to before dropping back to 1,700 the tenants nearby and high levels of more than double if it is to meet the needs connectivity with central London and following year and plateauing in that of the growing population, according Heathrow, TW8 is becoming a focal point region until 2026/27, settling at around to the draft London Plan. By 2029, the for residential development. 80% of its target. local population is forecast to grow by Homes in Brentford typically sell at more than 25,000 to 307,000, a 9% rise, Much of the growth in future housing in relatively lower capital values to the according to Experian. the borough will take place within 1.5km FIGURE 2 Largest employers in TW8 and surrounding postcodes* Number of employees working on site Advertising Infinity Bus & Coach Operators Media & Stations Group Computer Games Consulates and Embassies Education Facilities Management Finance Food Media Oil & Gas Mail Order & Shipping Pharmaceutical Retail Transportation Source: EGi *Includes W4, TW9, TW7, W7, W13, W5, W3, not exhaustive KNIGHT FRANK RESEARCH 3 FOCUS ON: BRENTFORD 2019 of Brentford Station, where approximately gardens and woodland lie within 20 minutes’ 3,350 homes are either under construction, walk of Brentford Station, and more than 750 Green space accessible within 20 minutes of Brentford Station or have consent, and are likely to be hectares are accessible via 20 minutes on delivered over the next five years or more. public transport, which takes in the historic Average upper quartile asking rents for a Syon Park and the Royal Botanic Gardens, two-bedroom flat in the prime market – Kew. Almost 2,500 hectares are accessible in defined as the top 25% by value – stood at 20 minutes by car, which takes in London’s £2,450 per calendar month during Q1 2019. Richmond Park – the largest of London’s Royal Parks. The TW8 postcode also boasts AMENITY 1.9 miles of river frontage. With new development often comes London’s top universities are all within new amenity. Brentford high street is set an hour’s journey of Brentford Station to be overhauled, with 140,000 square (fig 4 overleaf) and TW8 and its bordering feet of new retail and leisure space. This postcodes have 13 primary schools and will include shops, bars and restaurants four secondary schools rated ‘outstanding’ 150 Hectares split across approximately 40 units. The by the education watchdog Ofsted. new high street will add to the choice for The Greater London Authority and 750 Hectares shoppers that already includes nearby Hounslow Council are also funding an Richmond, Hounslow and Chiswick, which overhaul of former barge sheds straddling are respectively ranked 9th, 11th and 33rd 2,500 Hectares the Grand Union Canal to celebrate the in retail consultancy CACI’s rankings of the area’s industrial heritage. Other areas of nation’s Metropolitan retail centres. interest include the soon-to-be-completed Brentford is also positioned among swathes Brentford Community Stadium, the 17,250 Source: Knight Frank Research of green space. Almost 150 hectares (370 capacity home of Championship team acres) of open green space, including parks, Brentford Football Club. FIGURE 3 Housing supply, Hounslow Historic delivery and projections 3,000 PROJECTIONS FROM HOUNSLOW LOCAL PLAN AUTHORITY MONITORING REPORT, / 2,500 Annual housing supply target 2018-19 to 2028-29 Source: Draft London Plan 2,000 1,500 NET ADDITIONAL DWELLINGS No. of dwellings No. Annual housing supply target,2014-15 to 2017-18 1,000 Source: Current London Plan 500 0 2017-18 2010-11 2011-12 2012-13 2016-17 2013-14 2015-16 2014-15 2018-19 2021-22 2020-21 2019-20 2022-23 2009-10 2026-27 2023-24 2024-25 2025-26 Source: MHCLG, London Borough of Hounslow KNIGHT FRANK RESEARCH 4 FOCUS ON: BRENTFORD 2019 FIGURE 4 CONNECTIVITY Travel times, Brentford Station to places of interest Brentford has a mainline station with direct trains to London Waterloo in 30 Journey time in minutes by: 24 minutes. Piccadilly Line station Boston MINS Car 30MINS Manor sits on the fringe of TW8, with 42MINS trains running direct to Knightsbridge, 45 King’s Cross St. Pancras and Heathrow. Public transport MINS 50 The M4 motorway runs through MINS Brentford, and easily connects to the 15 M40, a motorway linking London to Heathrow Airport MINS 52 MINS Oxford and Birmingham, and the A40, a London Waterloo 54 major trunk road connecting London to Bond Street 32MINS MINS Wales and the West Country (fig 5). City of London 60 The Mayor’s transport strategy also MINS Imperial College includes proposals for a new passenger service between Hounslow Station Canary Wharf 60 MINS and Old Oak Common, a key transport UCL interchange on both the east to west London School of Economics and Political Science 60 Elizabeth Line and proposed High Speed MINS 2 line to Birmingham, the East Midlands, King’s College London Leeds and Manchester. Gatwick Airport 70MINS Oxford Source: TFL, Google FIGURE 5 ACTON Connectivity:West Middlesex Brentford and surrounds Ealing Broadway Golf Course A4020 A406 A4000 South Ealing Acton Town A3002 Northfields South Acton Gunnersbury Boston Manor Park A406 M4 Chiswick Park M4 Gunnersbury Osterley Park Kew Bridge Brentford A4 THE WEST END A4 BRENTFORD A316 Osterley Syon Lane Chiswick A315 A205 A4 Royal Botanic Gardens Kew Gardens A310 A3005 A307 ISLEWORTH Royal Mid-Surrey A3003 Golf Club A316 HOUNSLOW MORTLAKE North Sheen A314 A310 A3004 RICHMOND Hounslow A316 St Margarets 5 RESEARCH KNIGHT FRANK FORECASTS “ WITH A LARGE NUMBER Knight Frank forecasts house prices in is well placed to gain from the uplift in OF GLOBAL OFFICE Greater London will climb 9.2% between high-quality new residential and retail TENANTS NEARBY 2019 and 2023. Brentford, with its development slated for the next five years, connectivity to central London and beyond, which in turn is likely to attract further AND HIGH LEVELS OF ample river frontage and green space, new amenity. CONNECTIVITY WITH CENTRAL LONDON AND HEATHROW, TW8 IS BECOMING A FOCAL POINT FOR RESIDENTIAL 1.9 DEVELOPMENT.” Patrick Gower, Residential Research % % [email protected] 9SALES 16RENTS If you would like further insight into residential markets please get in touch. KNIGHT FRANK HOUSE PRICE GROWTH MILES OF RIVER
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