As we approach the new year, it provides a great opportunity to reflect on 2020, a year that no one would have anticipated. We are proud to have progressed several of our developments this year, including Riverside Park in Ashford, Nene Wharf Apartments in Peterborough and Brises Diagonal Mar in Barcelona, as well as continuing to deliver for our investors.
Michael El-Kassir, Managing Director of GRE Assets, comments: “As 2020 draws to a close, the market is showing continued growth with interest from both buyers and renters in new-build developments located in towns and cities undergoing major regeneration. This trend directly aligns with our criteria for identifying investment locations which offer affordability, transport connections and ongoing regeneration, as seen in our Ashford and Peterborough projects.”
Below, we have reflected on the positives to come of 2020 so we can move into the new year with a sense of optimism.
Construction progress
Having overcome industry challenges posed by the Covid-19 pandemic, GRE Assets is delighted to end 2020 with construction progress both in the UK and Spain.
The 70 apartments which make up the second phase at Riverside Park in Ashford have completed, closely followed by the 12 townhouses from January 2021. Over in the Mediterranean, the first phase of Brises Diagonal Mar, our latest development in Barcelona, is now complete, with its first residents excited to move into the apartments in Q1 2021.
Part of the second phase of a £120 million regeneration scheme, Nene Wharf Apartments in Peterborough is also progressing well. The first block of riverside apartments will be completed in Q1 2021, followed by a second block in Q2.
Continued investment in regional cities
We have long-championed regional towns and cities with excellent transport links and planned regeneration, so it has been great to see investment continue in these locations in 2020.
Newtown Works, a £250m mixed-use regeneration project in Ashford, was granted planning approval in April 2020. The project will not only breathe new life into the derelict, former railway works, it will also deliver state-of-the-art TV and film studios, which will support the creation of 2,000 jobs.
Peterborough is another regional location undergoing massive investment. For example, online retailer Amazon is set to open a new delivery depot at Gateway Peterborough, a new distribution and manufacturing park, in October 2021. Existing projects are also progressing well, with construction having started at the Hilton hotel at Fletton Quays, the Queensgate Shopping Centre extension is nearing completion, and the new £30m university campus is on-track to open in 2022.
Delivering for clients
Offering our clients a full range of investment portfolio services, including property management, tax and legal advice, has been more important than ever in 2020. It has helped remove some of the stress from investors in an already challenging year, especially for those based overseas, as we have been able to take care of everything on their behalf.
This year has also proved that our core investment criteria of affordability, transport links and ongoing regeneration has continued to deliver. For example, rental properties at Fletton Quays, in Peterborough, have achieved 6% rental yield in 2020, which is extremely promising to investors considering expanding their portfolio to include the apartments soon-to-be completing at Nene Wharf.
GRE Assets has been delivering high quality, well connected homes in the UK and Spain since 2006.
