The development, which is selling now, is within the Kennington Triangle, the wedge of streets between Lambeth North, Vauxhall and Kennington underground stations just off Victoria Embankment, an area considered one of the most up-and-coming in central London.
There will be a selection of one-, two- and three-bedroom flats in a 23-storey block, with prices starting at less than £125,000.
“It is definitely the location that is going to drive sales at Black Prince Road,” says Hopkin Man, head of sales at Notting Hill Housing (www.nottinghillhousing.org.uk), which officially launched the site on September 13.
From £123,750 for a 25 per cent share: one-bedroom shared-ownership homes at Black Prince Road
The building has been designed by Keith Williams Architects and will be ready to move into next spring. Some 73 private homes within the block have already been sold.
One-bedroom shared-ownership homes are priced from £123,750 for a 25 per cent share. The full market value of the property is £495,000. Two-bedroom flats start at £141,250 — their market price is £565,000. There are also three-bedroom flats, priced from £210,000 — a 25 per cent share of the £840,000 full-market value.
The nearest Tube station is Vauxhall, an easy half-hour walk along the river, with such landmarks as the MI6 Building. From Vauxhall, journeys to the West End take less than 15 minutes. Overground trains to Waterloo take less than five minutes, and an annual travel card costs £584.
It is not the prettiest place in town with its patches of run-down social housing but a recent study by Kinleigh Folkard & Hayward highlighted the area as one of the most exciting micro-markets in London, with potential for major price rises. This is partly because of its location between two of London’s biggest regeneration zones, Nine Elms and Elephant & Castle, and KFH believes it will enjoy a ripple effect as these two areas start to blossom.
Developers are already moving into the area en masse. Henley Homes is redeveloping the site of Lilian Baylis School with high-end flats and townhouses. One-bedroom flats start at £465,000. Meanwhile, St James is behind The Corniche, a 253-apartment block on Albert Embankment designed by Norman Foster. Three-bedroom flats from £2.045 million.
Keep fit on the cheap: shared ownership buys you use of the gym at Black Prince Road
The Black Prince Road building is on a site beside railway lines, though Man points out that all the flats are very well insulated — and a little urban landscape is hardly surprising considering how central these homes are. The properties available for shared ownership are on the second to sixth floors, so residents won’t get the astonishing views that buyers at higher levels enjoy.
But, he says: “Transport links are excellent and the lively South Bank is a short walk. There is just so much to do.”