Greenwich flats for first-time buyers with Crossrail connections

Smart new shared-ownership homes at Greenwich Peninsula are just minutes from the City and planned high-speed Crossrail connections at Canary Wharf.
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Little more than 15 years ago, Greenwich Peninsula — a small headland set in a meander of the Thames — was an industrial wasteland ignored by drivers who sliced through it on the A102. Then the Millennium Dome landed.
Richard Rogers’s vast “tent” has since re-cast itself as the O2 and become the world’s busiest music venue. And, after years of dither, developers are finally pouring money into this brilliant location, which offers river views from almost every direction and is just minutes from Canary Wharf - where there will be a new Crossrail station in three year's time - and the City.
Good restaurants and bars are opening on the peninsula and, at the top end, two-bedroom flats are selling for well in excess of £800,000. One of the key new developments is Barratt London’s £275 million Enderby Wharf — almost 800 new homes, plus a hotel and cruise ship terminal on a nine-acre site between the peninsula and “old” Greenwich.
For those who cannot stretch to buying one of its homes outright, housing association L&Q has 46 flats available on a shared-ownership basis, which will be launched in stages during this year and next.



Getting your share
Currently for sale is a range of two-bedroom flats, starting at £118,750 for a 25 per cent share of a home with a full market price of £475,000. Rent will cost £594 a month, and buyers will need a deposit of £11,875.
Because of these high costs, the minimum household income for applicants is £56,000. The maximum household income to apply for these properties is £71,000.
From £118,750: for a 25 per cent share of a riverside apartment at Enderby Wharf
There are also three-bedroom flats priced at £145,000 for a 25 per cent share, with a full value of £580,000. Monthly rent will add £725 to mortgage costs, and residents will need to put down a minimum deposit of £14,500. Applicants will need to have a household income of between £68,000 and £85,000.
Christine Shea, regional sales director at L&Q, agrees that these are not the kind of salary ranges normally associated with “affordable” housing. “Unfortunately, prices in this area are very high,” she says.
Finances aside, there are a lot of plus-points. Transport links are excellent, for example. From North Greenwich Tube station on the Jubilee line in Zone 2, you can be at Canary Wharf in one stop, London Bridge in just over 10 minutes and Bond Street in less than 20 minutes.
London City airport is a short taxi ride away and there are river bus services from North Greenwich Pier. From 2018, residents will be hooked up to Crossrail, with direct links to Liverpool Street station and Heathrow airport.
There will be landscaped gardens and direct access to the Thames Path. Shea adds: “You have got the facilities around the O2, with Greenwich Park and market a 15-minute walk away.”
A downside is that residents able to move in this August can expect several years of building chaos in the area.   

What you need to know: Greenwich Peninsula
the marshy land of the peninsula was drained by a team of Dutch engineers in the 16th century so it could be used for farming.
Future: there is space for thousands of new homes on the peninsula, and on July 1, a 60-bay golf driving range will launch at the O2, with direct views over the Thames.
Trivial pursuit: Enderby Wharf was built in the 1830s and was used to manufacture under-sea cabling that was laid across the Atlantic to allow the first instant messaging between the UK and the US.
What it costs: the average property price in Greenwich is £522,303 — inflated thanks to the grand homes in Old Greenwich — down 1.63 per cent in the past year. Two-bedroom flats are available to rent at an average of £1,920 a month.
First-time buy: a one-bedroom flat at Canary Skyline, with great views over Greenwich Peninsula Ecology Park, completes this summer and is for sale through City Quays for £349,000.
Landmarks: the O2 is hard to miss.
Eat: modern British food at Craft London in Peninsula Square, where chef Stevie Parle creates the menus and designer Tom Dixon came up with the ultra-groovy interiors.
Buy: shopping is not the peninsula’s strong point. Luckily Greenwich, with its market and boutiques, is a mile up the road.
Walk: through Greenwich Peninsula Ecology Park, spotting everything from toads to dragonflies.

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