The Battersea Power Station redevelopment has been the year’s most exciting property launch, attracting buyers from around the world who are keen to own a slice of an iconic London scheme.
However, first-time buyers who can’t afford up to £1,200 a square foot to move into this emerging area can instead opt for a shared-ownership flat less than half a mile away, where A2Dominion New Homes (a2dominion.co.uk/newhomes) is selling 32 apartments on Ascalon Street.
A 55 per cent share of a one-bedroom flat starts at £149,875, and it is estimated that average monthly costs, including mortgage, rent and service charge, would be around £1,174 per month. Two-bedroom flats start at £207,625 for a 55 per cent share, and buyers will need to budget to spend about £1,580 a month.
The homes will be ready to move into in January and the prime location means residents will be able to take advantage of all the new shops, bars, restaurants, entertainment and open space planned as part of the power station development.
To the east of the site lies the other massive regeneration scheme currently under way in south-west London — Nine Elms, which will include thousands of homes, plus shops, bars and restaurants, and a redeveloped New Covent Garden Market.
GREAT TRANSPORT LINKS
The Ascalon Street scheme already passes the green space test with flying colours, since Battersea Park is half a mile away. It is just off Battersea Park Road, which means there are local pubs and useful — although not desperately exciting — shops on the doorstep. And until the new Battersea Power Station Tube link is complete in about 2019, there is a choice of nearby train stations.
Queenstown Road and Battersea Park London Overground stations are both within easy walking distance. Journeys to Victoria take about five minutes, and since it is only a mile and a half away it would be healthier, physically and financially, simply to walk. Vauxhall is also a mile and a half away.
Powering ahead: Ascalon Street is only half a mile from the new shops, bars and restaurants of the Battersea Power Station redevelopment
All developments have a downside and the issue to consider here is that the Ascalon Street site backs on to railway lines. Rosie Nesbitt, sales and marketing director at A2Dominion New Homes, says the block has been designed with that in mind, in that none of the flats have windows overlooking the tracks, and the building has been heavily insulated to protect residents against noise.
“Ultimately, the development is in central London and it is not that unusual to be near to a railway line,” she says. “The upside is being able to buy an affordable home in an area where the new homes being built and sold privately are very expensive. It is right in the middle of a massive hub of regeneration, and this scheme gives people the chance to get on to the property ladder of a hot area.
“All these new housing schemes will have a lot of amenities built in and are there to be used by everyone for shopping and leisure — and the transport links are just great.”