Provider’s director Kevin Sims talks regeneration and getting on the ladder in a vibrant area
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“With Newham Council and the GLA’s £3.7billion regeneration project for Canning Town and the Royal Docks, the area is quickly becoming a sought-after area of London,” said Kevin Sims, director at SO Resi.
“The unpredictability of the housing market coupled with high pricing has been putting aspiring homeowners at a major disadvantage compared to previous generations of home buyers.
“At SO Resi, we aim to level the playing field by offering more opportunities for shared ownership solutions.”
In a bid to alleviate buyers’ affordability troubles in such a vibrant area, SO Resi – the shared ownership brand of Metropolitan Thames Valley Housing, the fifth largest housing association in the UK – is currently selling a collection of 37 apartments.
SO Resi Canning Town’s one, two and three-bedroom homes are located at Manor Road Quarter, the latest development by the English Cities Fund – which was also responsible for the regeneration of nearby Rathbone Market.
The immediate area boasts a multitude of attractions, including craft beer at Husk, modern Italian food at Pepenero, a bouldering facility at Rise Climbing and outdoorsy activities at Bow Ecology Park and environmental community project, Cody Dock.
The development itself will add a newly created park as well as space for shops alongside the homes that are bring created.
The shared ownership properties themselves feature open-plan living areas, fully fitted kitchens with Zanussi appliances and solid timber floors.
All enjoy private balconies and feature built-in storage solutions, with living spaces ranging from 557sq ft to 971sq ft.
a compelling location
“These properties at our Canning Town development are the perfect example of our aim,” said Kevin.
“Proposed plans from the council mean the town centre is set to be home to a new community hub, cinema, shops and office spaces as well as brand new shared ownership homes, underscoring the increased popularity of this form of buying as an option for prospective homeowners.
“By choosing from our 37 shared ownership properties available at our SO Resi Canning Town development, prospective homeowners are set to gain a foothold in London’s property market alongside becoming a part of a vibrant and emerging community.”
Residents at the scheme will be within walking distance of City Hall at Royal Docks, the home of the English National Ballet at London City Island and the art and heritage of Trinity Buoy Wharf.
It’s a compelling offering, even before you factor in the bustle of Stratford, the Queen Elizabeth Olympic Park, Westfield Stratford City, Canary Wharf, The O2 and Greenwich Peninsula – all within two Tube stops or less.
Canning Town station is also a major bus interchange, meaning residents can easily access areas such as Bethnal Green, Aldgate, Walthamstow and even Romford.
Under shared ownership residents purchase between 25% and 75% of a home with a deposit of as little as 5%.
They then pay rent on the remainder and can choose to purchase more of the property – as little as 1% per year if desired.
key details: SO Resi Canning Town
SO Resi Canning Town is a collection of 37 apartments ranging in size from one-beds to three-beds.
Prices at SO Resi Canning Town start at £96,875 for a 25% share of a one-bedroom apartment, based on a full market value of £387,500.
Find out more about the scheme here
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- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
