Wandsworth & Lambeth has three main commercial centres in South Bank & Waterloo, Vauxhall and Brixton. Here, you will also find colourful areas like Clapham, Herne Hill, Streatham, Tulse Hill and West Norwood.
Economy in Wandsworth & Lambeth
Massive regeneration in the area has led to new apartments and community facilities springing up hitherto run-down areas. Two years ago, in 2017, PwC’s Good Growth for Cities index placed Wandsworth top of the London boroughs for economic growth. This was calculated in factors such as the number of new business start-ups, housing affordability and income inequality.
Wandsworth and Lambeth are two of four boroughs (including Lewisham and Southwark) looking to benefit from an £11m funding bid. This is aimed at focusing on economic growth in the so-called ‘South London Innovation Corridor’. It’s a partnership which includes prestigious education establishments such as Goldsmiths, London South Bank University and the Royal College of Art.
Employment in Wandsworth & Lambeth
In 2018, Wandsworth had more residents in work than the London average (82.2 per cent compared to 78.3 per cent). That worked out at 197,100 individuals in the area. Most worked in the Health and Social Work sector (24,000 people). There were 18,000 working in the sector classed as Retail and Repair of Motor Vehicles (18,000) while Education and Professional, Scientific and Technical Services had around 13,000 employees each. The gross weekly wage for those living in Wandsworth and Lambeth was also higher than the national average (£100 a week higher, in fact, at £670.8).
Recent Investment in Wandsworth & Lambeth
Lambeth council has been the main player in creating seven Business Improvement Districts (BIDs) in the area in order to encourage local business set ups. It has taken the form of affordable and flexible workspaces. Other schemes have gone up at International House, Tripod, Granby Space, Build Studios, LJ Works and Pop Brixton.
This is all part of the council’s Creative & Digital Industries Strategy for Growth, which was launched in October 2018 in an effort to boost growth and investment in the borough (especially by bringing tech jobs for young people). Brixton has been hailed as a Creative Enterprise Zone will an 11-storey council building converted into workspaces to support that intention.
Plans for the future
The council has vowed to create an additional 25,000 jobs by the year 2031. Around 1,000 apprenticeships are already planned for the Nine Elms regeneration developments in Vauxhall. In future (by 2021), the council also plans to have attracted more businesses into the borough in general (not just from the creative and digital sector). They also want a higher financial business profile, in addition to appealing to healthcare and life sciences specialists.
More than £4m is to be spent on Brixton in order to improve the overall appearance of the town such as parks and shop fronts. The infrastructure will also be given a boost while market traders and businesses in Brixton are also set to benefit. The locations Brixton Station Road and the Brixton Recreation Centre will be the biggest beneficiaries from the money, half of which came from the Mayor of London’s Good Growth Fund (GGF).
Speak to Haaris Nizam who specialises in investment property.
Call 0333 123 1330