Aldershot Urban Extension - no buy zone?

japmis

Hello again

I'm looking at buying an ex-military property in Matthews Terrace, Aldershot, GU11 2AD. I'm not local to Hampshire, so I googled planning applications for the area and happened to stumble on a MASSIVE town development of circa 3,000 new properties (http://www.rushmoor.gov.uk/article/1458/Aldershot-Urban-Extension-AUE)!!

Now this in itself doesn't bother me, and I actually think that there's nothing wrong with a bit of urban regeneration (and is definitely preferential to green field development) BUT it will mean disruption to the area for a good few years to come.

From what I can see from the terrible maps provided, there would be some development around Matthews Terrace (which makes sense as currently there is just what looks like an old BT exchange building which is boarded up) but can't be sure to what extent.


Thoughts please!
Would this put you off buying?
How can I find out if the houses are due to be demolished?!?
Does this sort of urban regeneration add value to a property?
Would the fear of the unknown make you walk away from buying so close to the development?

Looking forward to your responses, as always!

martinsurrey

3800 units is more than a few years!

if you assume a 25% social housing mix thats 2,850 open market units.

A site of this size (it will be split onto 200-250 unit phases) will aim for sales per outlet month of about 8 once its up and running at full speed (in fact thats generous) so your looking at a few decades (25-30years) to build and sell out the whole plan (up to 30).

It would not put me off buying, but I would be very very interested in every aspect of the plans, such as the current phasing (so what order are they building the site), site access, social housing location.

martinsurrey

just had a read of their detailed plans and its a 35% social housing mix, so only 2500 open market units but they plan to sell out by 2028, which in my eyes is wildly optimistic (and since when did builders ever do anything on time!).

so that’s 15 years if everything goes to plan (which it wont) ad they manage to sell 230 open market houses at full output (which I would find amazing!).

japmis

so does this mean 15-30 years of living on a building site?

I guess I would also need to consider that it may devalue the property if the new build houses are priced at the same as the ex-military housing?

martinsurrey

japmis wrote: »

so does this mean 15-30 years of living on a building site?

I guess I would also need to consider that it may devalue the property if the new build houses are priced at the same as the ex-military housing?

No it all depends on the details, the site is HUGE, so only a few phases will be near to any one part of the existing estates, and so if your proposed purchase is near phase 1 you can expect 3-5 years of building work nearby soon, but if access is across the site from you, you might not notice too much, but if the access is down your road, it could/will be messy.

While if you are near the last phase's it could be 12 years before you hear anything more than distant piling.

In terms of eventual prices, no one will be able to tell you. The new facilities, new schools, jobs, and social services, could if done well, make nearby houses worth more. However if the estate is done badly and they need to discount to sell out, you can bet nearby houses will suffer.

In short, do your research and if you’re not happy walk away.

Danni-R

I'd avoid it because its Aldershot :-p

There has been talk of doing something similar to Basingstoke/Camberely (large internal Mall type thing) in that area. Will you be there long enough to enjoy the benefit?

Surbybird

japmis wrote: »

From what I can see from the terrible maps provided, there would be some development around Matthews Terrace (which makes sense as currently there is just what looks like an old BT exchange building which is boarded up) but can't be sure to what extent.

I can't comment on the rest of your post, but living quite near to the proposed development I can tell you that the old BT exchange has recently been bought by the Buddhist community for use as a monastery.

http://www.gethampshire.co.uk/news/s/2126559_buddhist_monastery_to_open_in_aldershot



Kate

japmis

Danni-R wrote: »

I'd avoid it because its Aldershot :-p

There has been talk of doing something similar to Basingstoke/Camberely (large internal Mall type thing) in that area. Will you be there long enough to enjoy the benefit?

I know Aldershot doesn't have a great reputation but the crime rates are much better than Basingstoke & Bracknell. I like the feel of the town and the Victorian houses/buildings are beautiful (to me).

I'd like to think that Aldershot is an up and coming area, especially with this new urban regeneration project. It doesn't have massive unemployment problems being a mostly military employed squaddy town, the Nepalese/Gurkha population are friendly, polite, courteous and respectful and make perfect neighbours

japmis

Surbybird wrote: »

I can't comment on the rest of your post, but living quite near to the proposed development I can tell you that the old BT exchange has recently been bought by the Buddhist community for use as a monastery.

http://www.gethampshire.co.uk/news/s/2126559_buddhist_monastery_to_open_in_aldershot



Kate

A Buddhist monastery?! I might convert!! :smileyhea

Surbybird

Danni-R wrote: »

I'd avoid it because its Aldershot :-p

There has been talk of doing something similar to Basingstoke/Camberely (large internal Mall type thing) in that area. Will you be there long enough to enjoy the benefit?

Don't confuse the building of 3500 new houses on former military barracks with Westgate. Westgate opened last year and we got a new cinema, health centre, hotel, restaurants and a Morrisons.

The area known as 'Project Wellesley' has only ever been considered for housing, not a "large internal Mall type thing".


Kate

Surbybird

japmis wrote: »

A Buddhist monastery?! I might convert!! :smileyhea

It's because of the large Nepalese community. It all went a bit crazy last year when the Dalai Lama came and blessed Aldershot Town FC's pitch. (Not that the blessing did The Shots much good - they've had a grim season and sacked their manager this week!)

Kate