The phrases “West London” and “chic modern riverside development” tend to sound alarm bells for buyers on a budget.
But at KewSide, a new development by Notting Hill Housing, first time buyers can get on the ladder close to the Thames and in an area chock full of cute shops, bars, restaurant and pubs from just £167,000.
As its name suggests KewSide sits close to Kew Bridge, and is just north of the River Thames in one of those no man’s land swathes of London that is hard to define. It sits right on the fringes of Kew, Gunnersbury and Brentford - and thus it will be up to residents’ own consciences to decide where they want to tell people they live.
A big appeal of its location, definable or not, is that the nearest station is Kew Bridge, a five minute walk away. Overground services to Waterloo take half an hour, making for a relatively painless (and tube strike free) commute to central London. An annual season ticket costs £1,508.
Alternatively Gunnersbury Underground station is a 15 minute walk if you prefer District Line services (Zone 3).
A third-way commuting option is by river - Kew Pier provides services to and from Westminster.
“The location is a really big part of its appeal,” said Hopkin Man, head of sales at Notting Hill Home Ownership. “You have got the regeneration of Brentford on one side and Chiswick and Kew Village just around the corner, so there are cafes and restaurants and gastropubs, and there is a lot of walkable green space including Kew Garden and Chiswick Park.
Notting Hill Housing (www.nottinghillhousing.org.uk) has 19 homes for sale on a shared ownership basis.
Prices for one bedroomed flats start from £172,000 for a 40 per cent share (the full market value of these properties is £430,000). Two bedroomed flats, with a full market value of £670,000, start from £167,500 for a 25 per cent share.
And there are also three bedroomed flats with a distinctly unaffordable full price of £835,000. However a 25 per cent share will cost from £208,750 for a 25% share.
Buyers will also need to factor in the cost of a monthly service charge of between £145 and £265, depending on the size of their home.
There are a total of 35 homes being built at KewSide and Mr Man pointed out that the fact the development is small, and does not have the amenities a really large scheme might have (from a concierge to a gym) means that these charges are relatively low – in a big scheme with lots of shared facilities these service charges would start at around £250pcm.
KewSide is still under construction, but the first owners are expected to be able to move in either late this year or at the start of 2016.