As we approach a potential landmark decision for our area, many local residents have been asking about the proposed 1,500-home development at Great North Leisure Park and what impact this might have on our local property market and community amenities.
The ambitious scheme currently under consideration by Barnet Council involves transforming the Great North Leisure Park site into a residential hub comprising 20 buildings, with heights reaching up to 25 storeys. If approved, we'll see the current Vue cinema, bowling alley, restaurants, and Finchley Lido Leisure Centre replaced with:
● 1,502 new homes (325 classified as 'affordable')
● A brand new leisure centre
● A replacement sports pavilion
● Approximately 2,590 square metres of retail space
The council is expected to make its decision by April 28, with the project already securing "support in principle" from City Hall.
This development presents several potential impacts on our local property market that homeowners should consider:
The introduction of 1,500+ new homes represents a significant increase in housing stock for the area. While this could potentially moderate price growth in the immediate vicinity, the broader market context should be considered. London continues to face housing shortages, and new developments often create a "halo effect" that can enhance the desirability of surrounding areas.
With only 23% of the proposed units designated as affordable (195 at social rent and 130 for shared ownership), the majority will enter the market at standard rates. This ratio falls below London's typical 35-50% affordability requirement, which Mayor Khan's office normally mandates, although the unique mixed public/private land arrangement has resulted in a compromise.
For current homeowners, large-scale developments can have varying effects:
● Property values may benefit from neighborhood regeneration and improved amenities
● The modernised leisure facilities could become an attractive selling point for the wider area
● Conversely, during the construction phase (likely several years), there may be some disruption that temporarily impacts local desirability
Beyond pure property considerations, several aspects of this development will affect resident lifestyles:
While the plan includes "re-provision" of leisure facilities, the transition period will be significant. The replacement leisure centre, costing nearly £46 million according to the developer's assessment, should offer enhanced facilities, but current users will face disruption during construction.
City Hall has noted that contributions toward bus capacity upgrades would need to be secured, suggesting potential pressure on existing transport links. This is a critical consideration for property values, as connectivity remains a prime factor in determining long-term market appeal.
The introduction of a 25-storey tower and multiple residential buildings will undoubtedly alter the character of this part of Finchley. Such transformation can be polarising from a property perspective - some buyers are attracted to new, modern developments while others prefer established neighbourhoods with more traditional housing stock.
As this proposal moves through the final approval stages, several factors could influence its impact on our property market:
1. Affordable housing negotiations - City Hall is "robustly interrogating" the viability assessment. Any increase in affordable units could affect the overall market dynamics.
2. Environmental and drainage considerations - The mayor's office has requested further information on these aspects, which could influence the final scale or design.
3. Construction timeline - With construction costs estimated at over half a billion pounds, the delivery schedule will be crucial in understanding short and medium-term impacts.
4. Infrastructure commitments - The extent of transport and local service improvements will significantly influence how the development affects surrounding property values.
For those considering buying or selling in the area, these developments represent both opportunity and uncertainty. While significant regeneration can enhance area appeal, the scale of change may temporarily create market hesitation.
We'll continue monitoring these developments closely and providing updates as the council's decision approaches. If you're considering a property move in the area and would like to discuss how these changes might affect your specific situation, please don't hesitate to contact us.
At David Harris & Co, we understand what makes Finchley unique. Whether you’re buying, selling, or renting, our local expertise ensures we can guide you to the best decisions for your needs.
Ready to explore Finchley’s property market? Contact David Harris & Co for expert advice and a stress-free experience. Call us on 0208 346 9122 to get started. Let’s make Finchley your next home.
