Of course most of these flats are designed more for the hedge fund buyer than the first-time buyer. But the latest arrival at Old Street is a landmark development designed by leading British architect Sir Terry Farrell, with a selection of shared-ownership flats that have an entry price of just under £150,000.
Shoreditch Heights is just north west of the roundabout, close to Moorfields Eye Hospital and about five minutes’ walk from Old Street Tube station — a Zone 1 stop served by the Northern line. It’s no more than 10 minutes from the City and a quarter of an hour from the West End.
One-bedroom flats start at £148,000 for a 30 per cent share of a property with a full value of £495,000. It is estimated that mortgage costs, rent and service charge will add up to about £1,400. Two-bedroom flats, some of which have balconies, start at £219,000 for 30 per cent, and the monthly cost is estimated at £1,618.
The development, by Mount Anvil, includes a total of 343 apartments of which housing association Family Mosaic has 28 shared-ownership homes on offer. They will be ready to move into later this month.
A major plus point of Shoreditch Heights is its design. Reaching up to 26 storeys — though the shared-ownership homes are limited to lower floors — it is an elegant, Art Deco-inspired building, providing a welcome counterpoint to all the steel-and-glass property springing up at the fringes of the City.
“The development is in a good location,” says Stuart Spence, head of residential sales at Family Mosaic. “This area of Hackney is popular and trendy. Right next to the development is renowned electronic music venue XOYO, Shoreditch Grind espresso and cocktail bar, and The Nightjar cocktail bar. Old Street also has its own Bavarian bar, Jamie Oliver’s Fifteen restaurant is literally next door, and you don’t have to venture far into Shoreditch or Hoxton to find favourites such as The Book Club, Breakfast Club, Brick Lane and Spitalfields. You also have The Aubin Cinema in Shoreditch and the Barbican centre.”
Life in this central zone has traffic noise and pollution, particularly as the site abuts the heaving City Road. Another issue to mention is that, because the Old Street area is now so expensive, shared owners will initially be minority owners of their homes, although they can increase their share in their flat over time.
Until then, these newly minted home owners will have to resign themselves to shelling out £500 to £600 a month in rent.
- Visit www.familymosaicsales.co.uk