Property Archives - Page 3 of 7

August 26, 2024August 26, 2024

Royal Albert Wharf shared ownership, a first-time buyer case study

How history teacher Farhana Mallick put down roots in east London at NHG Homes’ development

Image shows first-time buyer Farhana Mallick, pictured in a white kitchen at her home. She is wearing a grey top and black trousers and has long black hair — Fahana Mallick, pictured in her apartment at NHG Homes’ Royal Albert Wharf

Subscribe to our free Wharf Whispers newsletter here

“I would still be renting or living with my parents if it wasn’t for shared ownership – it gives you a lifeline, especially in your 20s or 30s,” said Farhana Mallick.

The history teacher turned to affordable housing provider NHG Homes when she began looking to put down roots in her home city.

Having been raised in east London, she’d spent her early 20s living in this part of the city and so initially looked at properties in Tower Hamlets and Ilford.

However, it was Royal Docks that ultimately turned her head, opting to purchase a quarter of a three-bedroom apartment in 2021.

“I decided I was done losing my money on rent,” said Farhana, who now teaches at a school in Barking And Dagenham.

“I wanted to invest in a property, and have a home I could make my own.

“Shared ownership really appealed to me because it meant I required a much smaller deposit than if I was buying privately.”

Image shows a show home living area including a balcony with a view of the Thames — More shared ownership homes are set to become available at Royal Albert Wharf

a deposit, a mortgage and rent

Farhana, then aged 25, used a £13,250 deposit to buy her share of a property at NHG Homes’s Royal Albert Wharf scheme, taking out a mortgage to cover the remainder of the £132,500 cost.

The apartment, which was then valued at £530,000, costs her £1,391 per month which breaks down as £606 on the loan, £497 in rent and £288 in service charge.

“As a first-time buyer, NHG Homes really helped me to understand the process, and what the steps were,” said Farhana.

“I think many people aren’t aware of what shared ownership is or its benefits, but NHG Homes was so transparent and happy to answer all of my questions – the whole purchase was smooth and enjoyable, with wraparound care from the team.

“As a young person, living in this city, this home gives me great flexibility to either increase my share or sell it based on the market – I could definitely see myself raising a family here.

“With shared ownership making my home more affordable, I’ve now got a spare bedroom and a great community on my doorstep.

“If I was to move homes, I think my next purchase would also be with shared ownership – I can’t recommend it enough.”

Image shows Royal Albert Wharf at sunrise with the Royal Albert Docks impounding station in view. The buildings are brick-clad and around six storeys high — The development is located at the end of Royal Albert Dock and is on the banks of the Thames

selecting Royal Albert Wharf

NHG Homes and other affordable housing providers offer multiple locations where buyers can purchase shared ownership homes, so what made Royal Albert Wharf stand out?

“I’ve stuck to my roots as I grew up in east London and the Royal Albert Wharf community has got a really modern and stylish twist to it,” said Farhana, who has now lived in the area for more than two years.

“I do travel into central London, but often I feel like I don’t really need to, because I’ve got so many things on my doorstep.

“If I am going into town, then I’ll take the DLR as it has so many connections.

“I shop locally a lot, including at Gallions Reach Shopping Park and also Beckton Triangle Retail Park, both of which are very close.”

The development is well connected, with Gallions Reach DLR station less than 10 minutes’ walk offering connections across east London including to the Elizabeth Line at Custom House.

From there, Canary Wharf is three minutes’ away, while Liverpool Street is nine minutes.

Royal Docks itself, which is currently undergoing billions of pounds of regeneration, offers multiple amenities including watersports, events at Excel, restaurants, bars and a new strip of attractions at Immerse LDN – find out more here about The Friends Experience: The One In London, which recently opened there.

More locally, Royal Albert Wharf is home to exhibition space Art In The Docks, Cyrus Todiwala’s Cafe Spice Namaste and The Well Bean Co.

Image shows Royal Albert Dock at night with lights reflected in the waters of the dock — Royal Albert Dock is an established community

fitting into a community

Farhana said: “Residents have created a great community here and that’s really rare to find, especially as a young person.

“We have our own group, which is great as you can get to know other people living here.

“When I have friends or family visit, there is so much to do on the doorstep – from brunch to Yoga classes and a regular food market on Fridays as well as events happening in Royal Docks.

“There’s a children’s playground being built at the moment as well, and there’s a gym planned – I feel like it’s constantly evolving.

“I’m trying to get into my fitness these days and living here has helped that because it makes me want to get outside.

“It’s so rare to see open water like this in the city. It’s a lovely area to be in.”

As a location to buy, Royal Docks makes a solid case. With much regeneration taking place locally and further transport links proposed, demand for homes is only likely to grow.

Image shows Farhana sitting in a wood-lined cafe enjoying a cup of coffee from The Well Bean Co — Farhana enjoys a coffee at The Well Bean Co, her local cafe

key details: Royal Albert Wharf

NHG Homes is set to launch a fresh collection of shared ownership properties at Royal Albert Wharf in September.

A new show home is set to launch at the scheme on August 31, 2024.

Apartments are also available for private sale at the east London development with prices for one, two and three-bedroom homes starting at £375,000, £494,995 and £660,000 respectively.

Call 020 3733 3571 to register your interest or find out more here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

August 13, 2024August 13, 2024

SO Resi Canning Town offers affordable homes in east London

Provider’s director Kevin Sims talks regeneration and getting on the ladder in a vibrant area

Image shows an artist's impression of SO Resi Canning Town, a tall blue residential block — SO Resi Canning Town is located in east London close to London City Island

Subscribe to our free Wharf Whispers newsletter here

“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.

Image shows a bedroom in a show home at SO Resi Canning Town — One, two and three-bedroom homes are available at the development

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.

Image shows an open-plan living area in a show home at SO Resi Canning Town — The apartments at SO Resi Canning Town feature open-plan living areas

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

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

August 12, 2024August 12, 2024

Warley HQ penthouses now available atop iconic Ford offices

Apartments in the collection feature views over the surrounding countryside with many facing London

Image shows a bedroom in one of the development's penthouses — Land Charter’s Warley HQ development as launched a collection of penthouses

Subscribe to our free Wharf Whispers newsletter here

Developer Land Charter recently unveiled a collection of penthouses at its Warley HQ scheme in Brentwood.

The apartments are the crowning glory of the firm’s detailed reimagining of a building that served as the Ford motor company’s European base for 54 years.

While other homes created through the works sit within TP Bennett’s original structure – itself designed to replicate the design of the firm’s Detroit headquarters – the latest releases are contained in a newly built section on its roof.

As part of the project, following Land Charter’s purchase of the building in 2019, its original architects, working alongside the John Finch Partnership were tasked with turning its floors into residential homes as well as adding two more storeys for the penthouses.

Prospective buyers can enjoy all the amenities of the building including The Deli Cafe and a metabolic gym on site.

There’s also a co-working floor with a range of flexible workspaces, meeting rooms and hot desk options.

Outside, Warley HQ boasts communal gardens complete with BBQ areas and table tennis, all surrounded by mature woodlands.

Image shows a living area in one of the penthouses at Warley HQ in Essex — One of the larger penthouses at Warley HQ, available to view now

an exclusive finish at Warley HQ

“For the penthouses themselves, you’ll go up in the lift and come into a show-stopping foyer, with beautiful lighting, exclusive to those apartments,” said James Sutton, sales manager at Land Charter.

“Then, once you go into the apartments, they all have private roof terraces.

“The views are out of this world – you get mind-blowing sunrises and sunsets.

“Many views look out towards London and you can just see the towers of Canary Wharf in the distance.

“It’s just as impressive at night when everything is lit up as it is during the day with the woods surrounding the development.”

That visual link to London is telling.

Nearby Brentwood station is on the Elizabeth Line, meaning rapid access to the capital is just a 20-minute walk from Warley HQ, offering residents smooth commuting and easy journeys into the likes of Soho and Oxford Street.

That it’s located a whisker outside the M25 also means buyers can look forward to getting considerably more for their money than they would further into the urban sprawl.

Take the three-bedroom, three-bathroom penthouse for £1.25million for example.

At nearly 2,000sq ft, it’s substantially larger in size than similarly priced apartments closer in.

It features open-plan design with high ceilings – replicating the feel of the rest of the development – alongside underfloor heating, a Rok fitted kitchen with integrated Bosch appliances and air conditioning.

Its expansive terrace is south-facing with views over the treetops towards the city.

Oh, and it comes with two parking spaces.

Image shows a penthouse terrace at Warley HQ in Brentwood — The penthouses all have private terraces with views over the surrounding countryside

light streaming in

“You’ve got full height glazing so there’s so much light coming into these properties,” said James.

“They have super impressive reception rooms that are picture postcard pretty because you’re walking into those views.

“Then you go out onto the terrace.

“Among the collection there are some real wow moments with high-vaulted ceilings.

“What you get here is all these facilities and the amenities in the town, but to live in a woodland setting.

“The penthouses really are the final piece of the jigsaw for what is an iconic building.”

In addition to the penthouses, other properties at Warley HQ are available.

Also generously sized, they present a compelling option for prospective purchasers, especially as interest rates begin to drop and mortgages become less expensive as a result.

Image shows the private penthouse foyer at Warley HQ with a gold metal light fitting and double height glazing — Penthouse owners at Warley HQ access their apartments from a private foyer

key details: Warley HQ

Prices for the penthouses at Warley HQ start at £725,000.

One and two-bedroom apartments at the development are also available with prices starting at £275,000 and £400,000 respectively – see the brochure here.

Viewings can be arranged via the sales team by emailing sales@landcharter.co.uk or calling 07958 228 343.

Find out more about the development here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

August 7, 2024February 2, 2025

Vertus set to evolve its Canary Wharf offering with short stay plan

We sit down with Vertus managing director Alastair Mullens to find out how he’s grown and softened the residential brand plus what the future holds

Image shows Vertus blocks at Wood Wharf, clad in brick in front of more residential towers — Vertus’ residential rental operation is a key part of the Canary Wharf estate

Subscribe to our free Wharf Whispers newsletter hereT

Things move fast in Canary Wharf.

Already, in August 2024, it’s hard to remember a time when people weren’t living on the estate – such has been the interweaving of the blossoming residential community with the fabric of the place, a shift in mindset to becoming a truly 24/7 slice of London.

But in 2018 it was all still to come.

That’s when Alastair Mullens took on the role of managing director at a newly minted Canary Wharf Group subsidiary called Vertus, created to handle the estate’s crop of build-to-rent (BTR) properties.

At the time, BTR was still a relatively new concept in the capital and, indeed, the rest of the UK.

But, aiming to ape the success of well-established “multi-family” schemes in the USA and elsewhere, it was already gaining traction among developers who saw the potential advantages in terms of easier financing and steady income streams against the big revenue splashes of private sale.

Image shows Vertus managing director Alastair Mullens, a man in a blue suit and a white shirt with blonde hair — Vertus managing director Alastair Mullens

a mountain to climb

“When I arrived, it was just me and one other member of staff,” said Alastair.

“It looked like a very big mountain to climb.

“But now we have more than 75 people working at Vertus – the team did an amazing job and it’s been a really great journey.”

Specifically, the company has completely filled three buildings on the estate – 10 George Street and 8 Water Street in Wood Wharf and Newfoundland, which sits to the western edge of the estate.

Even within this relatively short space of time, however, there’s been a constant feel of agile evolution.

“Vertus was very much born out of Canary Wharf and initially it felt quite corporate,” said Alastair.

“It was directed at a customer base we thought we were going to attract – the people who worked on the estate, who could afford to rent through us.

“That was very successful and about 70% of the people who moved into the first phase of 10 George Street were those workers.

“Today though, that percentage is around 25% at full occupancy.

“It’s a change that has been driven by two things – the arrival of the Elizabeth Line and the way the pandemic has shifted things.

“People now have more flexibility for work and may not be in the office five days a week.

“They have more of a choice about where they live and many are choosing Canary Wharf, even if they don’t work here.”

a resurgent Canary Wharf

It’s demand that’s perhaps unsurprising.

The estate’s resurgence after Covid has seen a wealth of attractions arrive locally, prompting 67.2million people to visit in 2023.

The latest figures for July show the month was 8.5% up on last year.

Canary Wharf is hot in a way that has nothing to do with the summer weather.

Its decision to embrace competitive socialising, an enhanced hospitality offering and even kids activities, has turned it from an area that was once overlooked to a place Londoners are actively seeking out.

Less formal, less corporate – more fun, more relaxed.

While Vertus’s buildings are currently full, its journey is really only just beginning.

In preparation for what’s to come, it’s softened its branding in line with the Wharf of the mid 2020s and to reflect the greater flexibility it’s about to bring to the market.

Image shows a bed, with an abstract picture on the wall as well as a reading light — The brand is set to launch studios for shorter stays at the start of 2025 under the Vertus Edit brand

softening brand Vertus

“We’ve kept the name with the rebrand but have taken time to understand how our customers see us,” said Alastair.

“We’re not just a corporate landlord they’re renting from to get a good service.

“Words like ‘friendship’ and ‘interaction’ – both with fellow-residents and our team – are what we thrive on.

“The brand now feels more homely, rather than just a company providing places to live.

“Outwardly we’re far softer and we’ve done a lot of work on the tone of our voice so it feels friendlier.

“That’s both in our image and advertising, but also in our communications with residents. We’re delivering the same messages but in a less formal, more direct way.

“This has come from the way we’ve seen residents interact with our team – that they prefer to be addressed by their first names, for example.

“All of this is a shift in mentality – a change in the demographic living with us and, perhaps, the way in which people now feel about being less formal.

“Historically, the Canary Wharf estate has been very corporate.

“Aesthetically it’s been steel, glass and concrete.

“But in recent years it’s softened too – green walls, green lamp posts and our collaboration with the Eden Project in Middle Dock.

“Then there’s the leisure offer, which has made it a more fun environment.

“A good example was when we held The North Face Climb Festival at Wood Wharf recently.

“Our team said residents saw the buzz and were attracted to it.

“Originally we marketed the area as a private estate filled with peace and tranquillity.

“Now we’re selling an environment that’s increasingly lively and fun – somewhere people really want to be.”

Image shows a kitchenette in a Vertus Edit property — Vertus Edit studios come complete with kitchenettes

homes in the pipeline

The good news for those who would also like to live locally is that Vertus is by no means done providing apartments.

“Two new towers at 50 and 60 Charter Street will see more than 750 Vertus apartments available to rent, with around 300 ready by the end of 2025 and the rest by mid-2026,” said Alastair.

“Then, 40 Charter Street completes at the end of 2027 with more than 550 properties.

“We’ve taken much of what we’ve learnt from our current buildings – how the concierge teams work, rolling out parcel delivery to individual apartments and offering more co-working space – and put this into these towers.

“They will give us another 1,300 BTR apartments in Canary Wharf.

“We’ve also learnt a lot about fostering community and, about a year ago, reimagined our resident engagement programme as Vertus Plus.

“This includes perks such as early access to new restaurant openings and discounts at retailers on the estate as well as an events team that works to arrange experiences for those living in our apartments.

“When you see a group going for dinner after an event, you know they have connected – we can bring people together, but it’s our residents who build the community.

“In order to support that, we are very much encouraging longer tenancies in our buildings.”

Image shows a Vertus Edit studio with a bed and a kitchenette reflected in the mirror — Vertus Edit studios are available to book from February 2025

Vertus Edit, a shorter stay

While the arrival of new properties will doubtless be welcome given the demand for tenancies in Vertus’ existing portfolio, the company is also further evolving its offering to appeal to those with different needs.

Vertus Edit offers 378 studios for more flexible, shorter stays – even for a single night.

“These are completing around the end of this year and will offer people the opportunity to stay in a Vertus product for a number of nights or months,” said Alastair.

“The studios are, on average, 17sq m and have everything a visitor needs.

“They’ve got small kitchenettes, with hobs, combination microwave ovens and enough storage for pots and pans.

“It’s a product that’s fun, colourful and funky.

“We’ve long been getting enquiries about short-term rentals and we are now able to say that there is an option.

“We’re using the equity in the Vertus brand for this because people recognise it and Vertus Edit becomes that place to stay in Canary Wharf.

“Then, if someone enjoys a short-term stay in the area and sees what we have to offer, they may well decide to upgrade.”

next steps

As for the future, with Canary Wharf’s continued growth there’s still much more in the pipeline.

“We are developing North Quay, so the question is how we offer appropriate accommodation for people working in the life sciences space,” said Alastair.

“I’d also like to see a BTR product with reduced amenity.

“We’ve followed the American model and we offer a great product and great service but not everyone wants things like a big lounge, a gym or a cinema room.

“Some people just want to rent a good apartment that’s well managed with high-speed broadband.

“I think if we could do something like that it would be well taken up with people paying a reduced rent for fewer amenities.

“There’s not a lot around like that in the market at the moment.

“This may also allow tenants to save more easily if they want to buy a property in the future.”

key details: Vertus

More information about renting with Vertus and stays with Vertus Edit can be found here.

Single night bookings for the latter start at £100 a night for two people.

Discounts for longer stays are available.

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

July 31, 2024July 31, 2024

Gadwell Quarter offers shared ownership homes in a vibrant area

NHG Homes is currently marketing apartments as part of Woodberry Down’s 64 acres of regeneration

Image shows a computer generated artist's impression of Gadwell Quarter in Woodberry Down — An artist’s impression of Gadwell Quarter in Woodberry Down

Subscribe to our free Wharf Whispers newsletter here

The arrival of the Elizabeth Line in Canary Wharf has changed the game for those seeking to buy a home.

Its rapid connections to other parts of London – directly and indirectly – make living in other parts of the capital significantly easier by cutting commutes to areas that offer something different to the neighbourhoods of east London.

Take Woodberry Down, for example.

NHG Homes is currently marketing shared ownership properties at Gadwell Quarter – part of Berkeley Group’s 5,500-home regeneration of 64 acres of land in north-east London.

Located next to Manor House Tube station on the corner of Finsbury Park, it’s now about half an hour from the Wharf via the Piccadilly Line, national rail services to Moorgate and a swift six minutes on the Liz Line via its convenient subway link to Liverpool Street.

The immense scheme sits opposite two reservoirs fed by the human-made New River and includes some 15 acres of parkland.

It boasts an established community with a pub, gym, supermarket and post office on site too.

But the north-east London location offers more.

Image is of a show home bedroom at NHG Homes' development in Woodberry Down — NHG Homes has just launched a new show home at the Woodberry Down development

an established neighbourhood

There’s the vibrancy of Green Lanes down the hill with its Turkish bakeries, food shops and restaurants.

Then there’s Finsbury Park itself, which has a boating lake, running track, baseball ground, tennis courts, American Football pitch and some of the friendliest squirrels in London.

To the south, residents will find the Castle Climbing Centre – a vast facility housed in a former Victorian pumping station – on their way to Clissold Park and the independent shops, bars and restaurants of Stoke Newington.

While Woodberry Down itself is a major slice of regenerated land, the communities and areas around it have been evolving for generations with all the granular intrigue and quality this lends to a place.

So what can you get for your money when buying into this Zone 2 location?

Image is of a show home bedroom at NHG Homes' Gadwell Quarter — One and two-bedroom homes are available

Gadwell Quarter, a place to buy…

NHG Homes recently launched a new show home as a focal point for its offering of one, two and three-bedroom apartments at Gadwell Quarter – a four-minute walk from the Tube station.

Properties feature open-plan layouts, full height glazing, private outdoor space, walk-in showers, fully fitted kitchens, laminate flooring and carpets in the bedrooms.

Prices for a one-bed start at £120,000 for a 25% share, while two-beds start at £158,750 for the same percentage.

“We’ve seen huge demand for homes at Woodberry Down over the years as the dynamic community continues to grow in this up-and-coming area of north-east London,” Diana Alam, director of sales and marketing at NHG Homes.

“With many Londoners struggling to get on the property ladder, we’re pleased that buyers will have the opportunity to choose London – and specifically Woodberry Down – as their home with shared ownership.

“High quality homes at Gadwall Quarter offer the perfect blend of tranquil nature and contemporary urban living.”

Wharfers considering a move away from Docklands won’t need to worry about access to watersports either.

The nearby reservoirs offer sailing, kayaking and canoeing or just the chance to explore Woodberry Wetlands, a haven for urban flora and fauna created in partnership with the London Wildlife Trust.

Image is of a show home balcony at NHG Homes' Gadwell Quarter — Properties at Gadwell Quarter come with balconies

key details: Gadwell Quarter

Starting prices for one and two-bedroom homes are based on full market values of £480,000 and £635,000.

Under shared ownership, buyers purchase a minimum of 25% of the property and pay rent on the remainder as well as a service charge.

Typically this is cheaper than renting a home on the open market.

Deposits are also lower than with private sale as the buyer may be able to secure a mortgage with as little as 5% of the quarter they are buying – that would be £6,000 for the entry level one-bed at Gadwell Quarter.

Find out more about the apartments here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

July 3, 2024July 3, 2024

NHG Homes offers buyers in London a way to buy property for less

Housing association has a wide range of shared ownership homes available in the capital

Image shows brick-clad residential blocks generated by a computer surrounding a two-storey red building at Kidbrooke Square — An artist’s impression of NHG Homes’ Kidbrooke Square development

Subscribe to our free Wharf Whispers newsletter here

Deposits are typically the biggest hurdle for young people seeking to purchase a home in London.

The average house price in the capital (according to the latest figures from the Land Registry) currently stands at just over £500,000.

That means buyers on the open market would need at least £25,000 to purchase with a 5% mortgage and more likely £50,000 for a more affordable 90% loan-to-value deal.

While cheaper properties are, of course, available, the need to raise such sums remains a significant obstacle to getting on the ladder.

priced out – an NHG Homes survey

A recent survey of prospective first-time buyers by Opinium and affordable housing provder NHG Homes (part of housing association Notting Hill Genesis) found 81% of those aged 18-24 did not have access to a deposit of more than £40,000 – the 10% necessary to access many homes in the capital.

The study showed the average deposit buyers they had managed to put together was £22,963.

A computer generated image of open landscaped space at NHG Homes' Kidbrooke Square scheme — Kidbrooke Square will feature plenty of open space

income sources

It also revealed that, in a nation hit by a cost of living crisis, nearly half of 18-to-24-year-olds were looking at taking on second jobs to raise extra cash to put towards a home.

The survey also found 43% would be willing to hold off on having children to help them get on the ladder earlier in contrast to less than a quarter of those aged 25 or older.

The same did not apply with pets however, with a third of older buyers willing to go without an animal companion to save money as opposed to just under a fifth of adults aged 24 or younger.

family assistance

Opinium and NHG Homes’ study also showed that using cash from family was still a major source of funding for house purchases.

Around a quarter of those aged 35-44 said they were relying on money from parents to help them get a foot on the ladder, while 23% of people in relationships were looking to do the same to finance their first home.

Other relations were also listed as an important source of funds, with nearly a fifth of respondents aged 18-34 saying they were expecting to use contributions from family members who weren’t their parents.

Image shows a grey fitted kitchen in a property at Kidbrooke Square — Deposits on shared ownership homes can start from as little as four figures

an alternative from NHG Homes

Nearly half of respondents said they would consider shared ownership, if it meant they could purchase a property in the capital.

The scheme offers buyers the option to purchase a portion of a home while paying rent on the remainder.

It often works out cheaper than renting – especially given recent increases across London – and deposits start at 5% of typically a quarter of an apartment.

That means buyers with as little as £5,000 saved can potentially buy into a home worth more than £370,000 and live there as though they owned the whole thing.

NHG Homes sales and marketing director, Diana Alam, said: “Getting on the property ladder in London is a real challenge for first-time buyers, and it’s not surprising to us that many are having to look beyond their main source of income to save the amount needed for a deposit.

“Whether it be getting a second job or asking family members for a helping hand, this research has shown that buying through the open market in the capital requires more than simply setting money aside every month – particularly for younger buyers.

“The proportion of first-time buyers who would consider using shared ownership to purchase in London shows just how important it is to offer more affordable routes to home ownership.

“We’re proud at NHG Homes to offer properties across the capital that require deposits as low as four figures, meaning first time-buyers don’t have to choose between staying in London and getting on the property ladder.”

Image shows a bedroom at NHG Homes' Kidbrooke Square scheme in Greenwich — NHG Homes offers a wide range of shared ownership properties including this one at Kidbrooke Square

key details

NHG Homes offers a wide range of shared ownership options across London.

For example, one, two and three-bedroom homes are available to buy at Kidbrooke Square via shared ownership, with prices starting at £93,125 for a 25% share and a minimum 5% deposit of £4,594. This is based on a full market value of £372,500.

Average monthly costs for a one-bedroom are estimated at £1,386, including mortgage payments, service charge and rent on the un-owned portion of the property.

Find out more about Kidbrooke Square here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

June 30, 2024June 30, 2024

Far East Consortium Dragon Boat Race generates charity funds

Docklands Sailing And Watersports contest raises money for the East End Community Foundation

A team competes in the Far East Consortium Dragon Boat Race, flailing paddles at the waters of Millwall Outer Dock — Teams competed on the waters of Millwall Outer Dock on the Isle Of Dogs

Subscribe to our free Wharf Whispers newsletter here

The developer behind Consort Place on the Isle Of Dogs hosted an event this month at the Docklands Sailing And Watersports Centre to raise much-needed funds for local charities.

Far East Consortium (FEC) – which recently welcomed the first residents to Aspen, the tower at the heart of its scheme – organised a Dragon Boat Festival on the waters of Millwall Outer Dock this month.

Teams from the developer and its partners – including Knight Frank, NHBC, Hawkins Brown, Dorsett Hospitality International, The Media People, Dex Construction, TP Bennett, Kohler, McBains, JRL, HTA and BB7 – did battle on the water with paddles and sweat, for glory, medals and a trophy.

Consultancy firm WSP won the day, with its team – Stroke Of Genius – topping the podium. All proceeds from the event will go to the East End Community Foundation (EECF), which gives grants to charities across the local area.

Two dragon boats race in front of Far East Consortium's Aspen At Consort Place tower in east London — The teams competed in front of FEC’s Aspen At Consort Place Tower (centre)

grants for good causes

“FEC is a patron of our Life Chances Campaign, which means it has committed £60,000 so far and is hopefully going to come on board to support this for the next three years,” said EECF campaign director Sally Bateson.

“It’s all about creating lasting change.

“We’ve been looking to raise more money so we can give bigger grants over longer periods of time to support the grassroots organisations we work with who don’t have the resources or profile to find the funds themselves.”

Image shows a woman with brown hair in a green dress – CEO of the East End Community Foundation, Tracy Walsh — Tracy Walsh, CEO of the East End Community Foundation

where the Far East Consortium money goes

EECF CEO Tracy Walsh added: “We focus on youth unemployment and wellbeing, pension poverty and isolation and digital inequality – we put a lot of money into these areas.

“For example, with unemployment, young people might feel like big organisations aren’t for them but they will go to a less glamorous youth club next door.

“We’re funding a person to tackle the problem in those settings.

“We are also providing money for a lot of holiday programs to aid wellbeing – giving young people food, physical activity and safe places to be.

“With pension poverty, we’ve invested about £80,000 to train front line workers to help older people claim benefits that they are entitled to.

“It’s been nine months and we’ve already seen £400,000 of money go to people who are eligible for it.

“There’s millions of pounds of unclaimed Pension Credits and we thought we should do somthing to help people get it.

“On digital equality, we’re now working in primary schools to help connect low income families.

“They get 12 months free broadband, a laptop and training on how to stay safe online and help their kids with homework.

“We’ve connected more than 600 so far and we want to boost that figure by 200 by the end of the year.

“In Tower Hamlets we were just shocked by how many homes don’t have any digital connection – it’s around 50,000.

“We’ve got the highest level of child poverty in the UK here and the highest level of pension poverty. If organisations all do their own thing, the impact can be diluted.

“What we’re saying with Life Chances is that if we all work together, it’s easier to make a difference and also easier for the charities, who only have to apply to one funder rather than dealing with lots of different ones.”

Image shows a man in a black baseball cap and T-Shirt with orange Far East Consortium logos – it's Bruno Almeida Santos, FEC's development director — FEC development director Bruno Almeida Santos at the even

Far East Consortium: a question of values

Far East Consortium development director Bruno Almeida Santos said the company’s involvement with the EECF and donating to its Life Chances Campaign was really about the business’ core values.

He said: “We’ve been trying to arrange this event for three years, so we’re very pleased that it’s happened and that we could attract these organisations to see the work of the foundation.

“Hopefully we can make this a tradition, especially as it’s a dragon boat race and we’re a Hong Kong developer.

“It’s very important for us as a company to support the EECF. I think some organisations do things as a tick-box exercise but we want to do way more than that.

“This isn’t about our obligations to an S106 agreement, but actually contributing to the foundation, including the joy of losing to the children who were racing as part of one of the teams.

“You know, when you see the smiles on their faces, that you’re making a difference because it’s a day they will never forget.

“Hosting it at the Docklands Sailing And Watersports Centre was a case of the stars aligning.

Racers relax with barbecue and drinks at Far East Consortium's Dragon Boat Race on the Isle Of Dogs — Teams enjoy a well-earned break at Far East Consortium’s Dragon Boat Race at the Docklands Sailing And Watersports Centre

“It’s one of the best settings to view Aspen – our flagship development in London – from and to bring everyone together here.

“It’s been under construction for five years and it’s been a challenging scheme with the pandemic, but we’ve managed to crunch the numbers and overcome the issues.

“I think a lot of that has actually been on the human side, with people working together to resolve the problems.

“It’s been about communication and working together and this is about celebrating that as well as supporting those around us.

“Actually being on the ground with the EECF means you get a completely different experience – you get to see the outcome of that support and we’re really, really happy about that.

“We’ll have to do the race again with even more people.”

In addition to hosting a raffle, all proceeds raised on the day, including ticket sales have gone towards the foundation’s work.

“The day also provided plenty of scope for networking and team building for participants.

“It felt really great,” said Lovisa Claesson, graduate consultant at WSP and a member of winning team “Stroke Of Genius”.

“To be honest we all worked within different areas of the business, so didn’t really know each other before the contest. But we got the women in the front and the men following.”

10 people pose in celebration of winning the Far East Consortium Dragon Boat Race — Winning team Stroke Of Genius

key details: Far East Consortium’s Aspen At Consort Place

Homes at Aspen At Consort Place by Far East Consortium – just off Marsh Wall – are available now. Prices start at £550,000.

The EECF is also based on the Isle Of Dogs and offers a wide range of ways for companies to get involved with good causes locally – including supporting its Life Chances campaign.

Find out more about the development here

Find our more about the work of EECF here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

June 18, 2024June 18, 2024

The Upper Lofts are unveiled at Canary Wharf’s 8 Harbord Square

Open-plan, top-floor apartments go on sale at New York-inspired Wood Wharf residential building

Image shows the view from a terrace at 8 Harbord Square, overlooking The O2 and Greenwich Peninsula — The Upper Lofts sit on the top floor of 8 Harbord Square

Subscribe to our free Wharf Whispers newsletter here

The residential properties contained on the lower levels of 8 Harbord Square are a brave, bold statement.

Presented almost completely open-plan (you do get walled off bathrooms), they recall Docklands’ warehouses with more than a nod, stylistically, to the red-brick structures of New York’s Meatpacking District.

But while the flavour is of industrial buildings cleverly converted for residential use, the 11-storey tower is newly built, meaning it comes with none of the hassle or dodgy bodges that can plague refurbishment projects.

Instead, the exposed concrete ceilings, black metal framed windows and cast iron radiators are all carefully thought-through design statements contained within a thoroughly modern structure.

Image shows a space dressed with a green sofa, marble table and various green and blue soft furnishings — The apartments offer a completely open-plan design with industrial details

Capping the whole thing off, developer Canary Wharf Group has now launched a pair of apartments on the building’s top floor.

The Upper Lofts, both priced at £1,950,000, feature internal living space of 1,400sq ft and feature wrap-around terraces of more than 1,000 sq ft.

Properties feature fully-fitted kitchens with stainless steel units and counter tops as well as Siemens appliances.

Bathrooms come with free standing baths, double basins and black-framed, walk-in showers.

Image shows a stainless steel kitchen in one of The Upper Lofts at 8 Harbord Sqaure with a marble table and breakfast bar in the foreground — The 8 Harbord Square homes come with fully fitted stainless steel kitchens

a singular offering at 8 Harbord Square

Canary Wharf Group director of residential sales, Melanie Conway, said: “The expression ‘one-of-a-kind’ is sometimes overused, but in this instance, The Upper Lofts represent ‘two-of-a-kind’ apartments not seen before in London.

“Their positioning within 8 Harbord Square and the wider Canary Wharf estate gives them views of iconic surrounding landmarks, which previously you would only have seen from some of our tallest residential buildings.

“With vast wrap-around terraces and totally open plan living spaces, they have been designed to take advantage of these views and the natural light that floods the spaces, giving residents the most incredible sunrises and sunsets.

“8 Harbord Square marks the final building in our residential portfolio on the estate, meaning it’s the last opportunity to own a piece of the Wharf’s rich history and to be a part of the incredible transformation that has taken place here.”

Image shows chairs and coffee tables in The Upper Lofts show apartment — Residents are free to configure and dress their apartment however they like

an emerging neighbourhood

Part of Canary Wharf’s Wood Wharf development, 8 Harbord Square is the final building in Canary Wharf Group’s scheme to feature homes for private sale.

Further residential projects will fall under its wholly-owned subsidiary Vertus, which boasts an extensive portfolio of homes to live in via all-inclusive rental deals.

Wood Wharf itself is rapidly becoming established as an area to visit with restaurants such as Dishoom, Hawksmoor, MMy Wood Wharf, Emilia’s Crafted Pasta and Roe attracting a steady stream of visitors.

Third Space recently opened a new site locally, adding Hot Yoga, Reformer Pilates and a new 20m swimming pool to its Canary Wharf offering, while creative companies such as Qube, Vow Studio and Broadwick also now call the neighbourhood home.

The Cube, a competitive socialising experience is set to open nearby, while Harbord Square itself now boasts a vet, GP surgery, convenience store and a sports hall and gym complex for residents to investigate.

Image shows a terrace at 8 Harbord Square with views of the Canary Wharf skyline in the background — The Upper Lofts feature wrap-around terraces with views over London

key details – 8 Harbord Square

The Upper Lofts at 8 Harbord Square are both priced at £1,950,000.

Other properties in the 82-apartment building start at £770,000 for an 801sq ft home or £990,000 for 1,037sq ft.

Find out more about The Upper Lofts here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

June 14, 2024June 14, 2024

Principal Tower in Shoreditch has only four apartments left for sale

Popular residential scheme on the border of the City and east London has a few homes still available

Image shows a tall residential tower block with three volumes and curved corners – it's Principal Tower in Shoreditch — Principal Tower is located in Shoreditch on the edge of the City Of London

Subscribe to our free Wharf Whispers newsletter here

Right now, Principal Tower sits in a series of liminal spaces – physical and temporal.

The Shoreditch development is both in the City and part of a hip east London neighbourhood.

To the west, slabs of glass encase office workers.

Across the road are bars, restaurants, dives, clubs and destinations.

It’s both the urban bustle of Liverpool Street for the Elizabeth Line and the counter-cultural edge of Shoreditch High Street Overground.

As a residential project, it’s right on the cusp of being sold out too, with only four homes remaining.

There’s a one-bed, a two-bed and a three-bed with prices starting at £1.28million.

Then there’s the penthouse on the 48th floor – a three-bed, three-bath duplex arranged over some 2,855sq ft of space with a decent size terrace.

That will set you back £9.9million.

All boast outdoor spaces and are contained within a Foster + Partners tower set back a little from Shoreditch High Street and Worship Street.

Part of the wider Principal Place scheme – which boasts commercial premises let to Amazon – the structure shoots up some 50 storeys from the street with rounded corners and fins offering a modern take on Art Deco and 1950s futurism.

Amid the more angular shapes of the City, it’s something of a maverick, standing out against the severe geometry of the nearby office blocks and suggestive of a more welcoming, hospitable function.

That’s one reason, perhaps, that only a quartet of properties are still available from a complement of 299.

It’s a singular building in an enviable location, unafraid to plough its own furrow.

Its boldness is similar to that of Christopher Murray, co-founder and managing director of Concord London, the joint venture partner responsible for Principal Tower alongside Brookfield Properties.

Image shows Concord London co-founder and managing director Christopher Murray, a man with short mousy blonde hair in a striped shirt — Concord London co-founder and managing director Christopher Murray

Principal Tower, a joint venture…

Christopher said: “When we were asked to get involved, it was obviously a great location to live.

“There are still great restrictions on building houses in the City itself, so we thought this was a missing product in the market – that people would be happy to live just up the street.

“Shoreditch is a cool neighbourhood – trendy and edgy.

“Blue collar nights and white collar days.

“It has great food, great restaurants and rooftop bars.

“From our point of view, the project was a no-brainer.

“We focused on building a tall residential tower with western and eastern elevations that offer unparalleled views.

“People can see the major London landmarks such as the BT Tower, the London Eye and St Paul’s.

“We wanted a mix of sizes but with large spaces and a similarly generous approach to communal areas and amenities.

“It’s gone down really well, with the vast majority of properties now sold.

“Some buyers wanted to hear about the City, others about Shoreditch.”

Image shows a dining table and chairs in front of windows through which can be seen the City Of London skyline — Principal Tower’s penthouse is still available

subtle curves, looking sharp

“The design was absolutely key – the tower had to be a gateway, a node announcing that you’re entering a different part of London and we think it has quite a lot of presence,” added Christopher.

“It’s the first building that has been entirely designed by Foster + Partners.

“They didn’t do residential interiors before this but on our tower it’s everything from the hinges to the door handles and the flooring.

“There’s an exactness about it, from the mirrors to the matching patterns on the marble and how the flooring lines up with the skirting boards.

“They’ve thought about everything – how the doors open, how they close and what they sound like.

“The beauty in the design is that it’s equally possible to just leave it be or to put your signature on it.

“The style doesn’t presuppose anybody’s taste.

“The apartments themselves are all about daylight with open-plan designs.

“Every home has a terrace and some have more than one – again of a generous size.

“We’re not a cookie cutter developer and large properties are hard to come by.

“In the end, this is high-end housing that, because of its location, has a broad audience.

“I look at the competition and I know I’m biased, but I can tell you that this really is the best.

“I can be pretty self deprecating about our buildings – I’m very honest – but when it comes to Principal Tower, it’s a home run.”

Image shows the side of Principal Tower with other commercial blocks in the background — Four properties are still available at the development

a wealth of amenities

The tower has an obvious appeal for City workers or those who simply want to benefit from the Square Mile’s amenities alongside the buzz of Shoreditch.

However, the proximity of the Elizabeth Line at Liverpool Street makes it an equally appealing prospect for Canary Wharf workers.

Also, with London rapidly moving eastwards, direct connections to Royal Docks and Stratford look like increasingly attractive assets.

Residents’ amenities include an infinity pool, a spa, sauna and gym overlooking Principal Place.

There’s also a cinema, lounge space and a 24-hour concierge service that promises five-start hotel-style service.

Christopher said: “This really is the last chance to buy here.

“There’s already a very good vertical community in the building – there’s a feeling of belonging.

“People are respectful of the building and of each other.

“Neighbours speak to neighbours. Residents see it as a special place and it’s a great environment.

“The person on the door will know your name as you enter the beautiful two-storey lobby and then we have super fast lifts to get people to their homes.

“There’s also parking down below which is accessed by a car lift – it’s like something from James Bond.”

Image shows a living room with curved glazing offering views across London — Properties at Principal Tower feature curved corner glazing

a proud moment

“While we’re keen to sell the remaining apartments, there will be a touch of sadness when it’s done because it’s been such an amazing journey,” said Christopher.

“Working with Brookfield on this has been a great experience and that’s not because they’re Canadian like me.

“We’re very proud of what we’ve built and we’d love anyone who is interested to come down and take a peek.

“We especially want people to see the penthouse, which hasn’t been available all that long and really is an incredible space.

“At 3,000sq ft it has stunning views with floor-to-ceiling windows and beautiful outdoor space.

“I’ve been in the property business for a very long time but I can’t think of another space like it.

“It has a modern vibe but there’s the Art Deco style to it too. It’s unique.

“As a company we think a lot about the apartments we create – some things work in plan form but not in reality and there’s nothing worse than getting it wrong.

“Some developers have a formula-based approach, which works fine in the commercial space because development can be quite repetitive – it’s less emotive.

“But for residential every village in London is different, every borough is different, there are varied creeds and politics.

“People want different things so it’s about not just knowing your customer but knowing where they are and why they will come to you.

“We have staff on-site every day and we’d love to show you around.”

Image shows a glass and stone staircase in Principal Tower with a gravel bed and plants in pots under it in front of a full-height window — Foster + Partners also created the interior finish for Principal Tower

key details – Principal Tower

There are currently four properties available at Principal Tower in Shoreditch High Street.

Prices for a one-bed start at £1.28million and the penthouse is on the market for £9.9million.

Find out more about the tower here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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

June 5, 2024June 5, 2024

East River Wharf shared ownership may cost less than renting

Legal And General Affordable Homes’ scheme offers compelling alternative with deposits starting at £4,844 for a one-bedroom property

Image shows a collection of residential tower blocks that make up the Riverscape development next to the Thames in Royal Docks. East River Wharf's buildings are orange and at the centre — East River Wharf’s buildings are located at the centre of Riverscape close to Lyle Park

Subscribe to our free Wharf Whispers newsletter here

Rising rents are arguably one of the biggest pressures in the housing market right now.

According to a recent study by estate agency Stirling Ackroyd, tenants are currently paying an average of £1,966 a month for a one-bedroom property near Canary Wharf.

While wider inflation has fallen back to 2.3% and average two-year fixed mortgages have dropped back to less than 5% in May, with cheaper borrowing expected later in the year, rents are forecast to climb ever higher.

One study from Savills predicts more than 6% growth over 2024.

Increasingly, affordable housing providers are highlighting shared ownership properties as a less expensive alternative to renting.

Image shows living area with a wooden floor at East River Wharf — A show home interior at East River Wharf

case study: East River Wharf

Take Legal And General Affordable Homes’ East River Wharf scheme, for example.

Its properties form part of Riverscape – essentially an extension of Ballymore and Oxley’s Royal Wharf development on the banks of the Thames at Silvertown.

Located roughly 15 minutes from Canary Wharf itself via the DLR and Jubilee line, these one, two and three-bedroom homes are set in a wealth of green space close to Lyle Park in a freshly regenerated part of Docklands.

Neighbouring Royal Wharf boasts a wealth of amenities including a pub, restaurants, shops and health services.

Residents will enjoy access to a health club with a gym, pool, spa and fitness studio as well as a 16th floor sky lounge with views over the Thames to Greenwich and Canary Wharf.

The apartments at East River Wharf include private balconies, open-plan design and fully fitted kitchens with integrated Siemens appliances.

But, alongside the quality of the finish and the facilities, the key attraction lies in escaping the grind and uncertainty of the rental market.

A deposit of £4,844 could be enough to secure a one-bedroom home at the scheme – 5% of a 25% share worth £96,875.

Monthly costs are expected to be about £1,465.

By purchasing a portion of the property, a buyer can essentially secure a £387,500 apartment with no threat of eviction.

They also enjoy all the freedoms to enjoy living in the space they might expect if it was owned outright.

In contrast to renting, purchasers of shared ownership homes are not subject to landlord inspections or controls on how they decorate their space, for example.

Image shows a show home kitchen at the development — Properties come with fully fitted kitchens

capital appreciation

They also own an asset that, in the case of East River Wharf, is highly likely to appreciate.

The area has already undergone extensive regeneration, but there’s much more in the pipeline for Royal Docks.

Major infrastructure and housing investments are in the pipeline over the coming years with homes, businesses and facilities set to be built locally.

Already an attractive area to live in, these developments are likely to bring fresh demand as buyers look east for high quality homes to purchase in the future.

Royal Wharf is already well served by the DLR and bus routes as well as a dedicated pier for Uber Boat By Thames Clippers services, which run all the way to Putney along the river.

Image shows the Greenwich Peninsula and Canary Wharf skylines at sunset as seen from Riverscape's residents' lounge — The view from the communal residents’ lounge at Riverscape

secure a property

A spokesperson for Legal And General Affordable Homes said: “The amenities at East River Wharf are best in class, with a state-of-the-art residents’ gym, pool and spa.

“Plus, concierge services and 24-hour security ensure our residents always feel at home.

“There is also a primary school located on the development, which is perfect for growing families.

“Whatever your stage in life, East River Wharf is a modern and secure place to call home with shared ownership.”

Under the shared ownership scheme, buyers purchase part of a property.

They pay a deposit and arrange a mortgage to cover the cost.

They then pay a reduced rent on the rest of the property and the appropriate service charge.

Purchasers need not be first-time buyers but cannot own another property.

Owners can choose to increase the portion of the apartment that’s theirs until they own the whole property, in a process commonly known as “staircasing”.

Equally, buyers are free to sell their share either through the affordable housing provider or independently, if they decide to move home.

Image shows a show home bedroom at East River Wharf — Properties at East River Wharf start at £96,875 for a 25% share

key details: East River Wharf

East River Wharf is located at the Riverscape development beside Royal Wharf.

The closest transport link is West Silvertown DLR station on nearby North Woolwich Road.

Prices for a one-bed start at £96,875 for a 25% share.

Call 020 587 2474 for more details.

Find out more about the scheme here

Read Wharf Life’s e-edition here

Subscribe to our free Wharf Whispers newsletter here

- 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