Most new-build flats look, well, new. For house hunters with more of a taste for period living, a new development in Ealing might be an ideal compromise — at first-time buyer-friendly prices.
Madeley Road is a reboot of six grand Victorian Gothic villas, partly restored/partly rebuilt, and converted into 50 flats with communal gardens.
Prices start at just £113,500 for a share of a one-bedroom home.
The development, by Genesis Housing Association, has just launched and a key selling point is its great transport links. The major downside is the thundering North Circular road nearby, but there is some serious specialist glazing.
PRIME CROSSRAIL TERRITORY
The closest Tube station is North Ealing, a five-minute walk away, on the Piccadilly line in Zone 3. Madeley Road is also only half a mile from Ealing Broadway station, again in Zone 3, which is probably more useful as it is on the Central and District lines and will join the Elizabeth line — formerly Crossrail — in 2019, bringing fast trains to the West End and City.
The development site originally consisted of six houses, three in Madeley Road and four in Hanger Lane. The three-storey homes in Madeley Road have been renovated, while those in Hanger Lane were demolished and replaced with contemporary buildings that Neil Wilkins, marketing manager at Genesis, describes as being “in keeping” with the period homes around them.
“We didn’t want to just rip off the Victorian style, but they won’t stick out like a sore thumb,” he says. Inside, the look is contemporary and the spec is high, with engineered wood floors and granite work surfaces.
The entry price of £113,500 will buy a 25 per cent share of a one-bedroom flat with a full market value of £454,000. Buyers will need a 10 per cent deposit of £11,350, and monthly costs will come in at about £1,474, including £780 rent, £97 service charge and mortgage of £597.
A 25 per cent share of a two-bedroom flat starts at £147,000. Buyers will need a £14,700 deposit. The monthly costs are estimated at £1,898, including rent of £1,011, service charge of £114 and mortgage of £773.
LIFE IN THE ‘QUEEN OF SUBURBS’
Priority will go to those already living or working in the borough of Ealing, and there is a maximum household income threshold of £90,000. The first tranche of homes will be ready to move into this autumn, with the remainder completed early next year.
Architectural historian Nikolaus Pevsner famously described Ealing as the “queen of suburbs” and it is true that its wide, leafy streets, plentiful green space, comfy pubs and shopping centres make it an easy place to live.
But the big compromise of Madeley Road is its location on the corner of busy, congested Hanger Lane which forms part of the dreaded North Circular. This means a level of traffic noise pretty much 24/7 and a long, slow haul for drivers trying to get anywhere at peak times.
Wilkins concedes this is fair criticism but says the flats are installed with specialist glazing, bedrooms are placed at the back of the building, and prices at Madeley Road reflect the blight of the adjacent North Circular.
EALING: THE KNOWLEDGE
Past: Uxbridge Road, just beside Ealing Common, was once a well-known trade route in and out of London — and a popular haunt for highwaymen.
Future: the proposed regeneration of Ealing Broadway includes a music venue; a “leisure space” which could include a cinema; new shops, and almost 200 flats.
Trivial pursuit: Ealing Studios is still in operation, and the “downstairs” scenes from Downton Abbey were filmed there.
What it costs: the average property in the W5 postcode costs £687,249, up from £612,279 in the last year — an increase of almost 12 per cent.
Landmarks: surprisingly grand Ealing Town Hall, with its spire and stained glass.
Eat: a giant stack of buttermilk pancakes at Limeyard in Ealing Broadway. Add some banana and it counts as one of your five a day… probably.
Drink: a cocktail at Charlotte’s W5 in the Dickens Yard development.
Shop: there are plenty of shops around Ealing Broadway, although it is a bit too heavy on charity shops.
Walk: 47-acre Ealing Common is just half a mile away.