I don't see why not.
I have lived in UK for 8 years, and pay my taxes here. I'm a productive member of the society, I consider Theresa May as much my prime minister as any British person would. The result of the referendum affects me hugely, and yet I couldn't vote because my passport does not say "Great Britain" on it.
And like the other commenter has said - there was plenty of non-British citizens who were allowed to vote.
The UK has a long history of letting non UK commonwealth citizens vote in things like... The Brexit referendum!
The effects of such a change can last for generations and be hard to reverse, and potentially affect younger people for longer than older people. For those reasons, I think it is better to err on the side of greater franchise than less.