SINCE Basingstoke & Deane Borough Council gave the green light to plans to build a new John Lewis at home and Waitrose at Basing View, Romans has been exploring the effect this could have on the local property market.

This development is a part of the £200million plan to regenerate the town centre business park.

Currently, the focus is on the ground works that are required to pave the way for the building that will be home to a 47,500 sq ft John Lewis at home and a 25,000 sq ft Waitrose food store and café.

Construction work for the retail development site is set to be completed by late 2015.

According to Romans, reports suggest that Waitrose is one of several food stores that can reflect the affluence of an area.

Therefore the opening of a new store highlights that area as a good place to live, especially alongside other regeneration projects such is those planned for Basing View.

Waitrose, an upmarket grocer, invests time and money opening in locations that match their profile. The market research is trusted and can highlight an area as up and coming – something Romans keeps an eye on, specifically for active landlords who are looking for new areas and opportunities to invest in.

The multi-million pound John Lewis at home and Waitrose development is within walking distance to the railway station and the town’s shopping centre, Festival Place, and will be the second combined John Lewis at home and Waitrose store in the country, providing a boost to Basingstoke’s already thriving local economy.

Local councillors say that there will be a gross value edition to the economy of the town of approximately £4.5 million per year.

Studies have shown that the average house price gain from properties that are within a reasonable walking distance of Waitrose stand at 25 per cent in the UK, and as much as 50 per cent in London.

Ricky Bhurji, investment portfolio manager at Romans, said: “From the research I’ve done, it’s unclear whether the opening of a Waitrose triggers this rise in house prices, or new Waitrose stores only open in already highly-affluent areas, but the direct correlation between the two cannot be ignored.

“Regeneration, such as in Basing View, is just one of the things that can highlight an area is being promising for successful property investment.

Romans’ team of investment advisers are experienced in identifying up and coming areas and advising local landlords on which areas to grow their property portfolios in.”

If you are looking to invest in property, and would like more information on investment hotspots please get in touch with Ricky Bhurji on 01344 753 097, or talk to the lettings team at the Romans branch in Winton Square, Basingstoke.