A mile with style that’s shak­ing up the cap­i­tal

The Daily Telegraph - Property - - Front Page -

the back of Liver­pool Street sta­tion – which sits along­side Prin­ci­pal Tower, the first fully res­i­den­tial build­ing in Lon­don de­signed by the world ac­claimed architecture firm Fos­ter + Part­ners, com­plet­ing in 2019. The bronze, softly curved, 50-storey col­lec­tion of apart­ments and du­plex pent­houses – a joint ven­ture be­tween Brook­field Prop­erty Part­ners, W1 De­vel­op­ments and Con­cord Pa­cific – will of­fer spec­tac­u­lar views of the cap­i­tal from £960,000.

Ac­cord­ing to Christo­pher Mur­ray of W1 De­vel­op­ments, more than two thirds of the 301 apart­ments have al­ready been sold off-plan to a range of buy­ers. “Around 40 per cent are from Europe and the UK, 20 per cent from North Amer­ica and 30 per cent from the Mid­dle and Far East,” he says. “Many are look­ing to take ad­van­tage of the pref­er­en­tial ex­change rates.”

Av­er­age prop­erty prices around Prin­ci­pal Place have risen by 89 per cent since 2007 to £588,200, re­search from Coun­try­wide and the Land Reg­istry shows. Last year, one in 10 homes sold in the area was a new build, and so far this year seven per cent of homes went for more than £1mil­lion. “Ten years ago, prop­erty prices were an av­er­age of £200 to £300 per sq ft, now it’s around £1,000 per sq ft com­pared with £2,000 in the West End,” says Ali.

The num­ber of in­de­pen­dent shops is also high at 77 per cent, com­pared with just five per cent in Lon­don as a whole. Henry Smith of the de­vel­oper Aitch Group says: “Trendy cof­fee shops and pop-ups open in the same week as a high-end ho­tel or restau­rant, which speaks vol­umes about the area’s wide-rang­ing ap­peal.” Ac­cord­ing to Coun­try­wide, let­tings agen­cies are the most likely busi­nesses to open, keen to ben­e­fit from ten­ants drawn to the third­largest tech­nol­ogy clus­ter in the world af­ter San Fran­cisco and New York. “We’ve seen ex­cep­tional rental de­mand in re­cently com­pleted de­vel­op­ments, and the ex­cite­ment and ur­gency to rent will only in­crease with lux­ury new de­vel­op­ments such as The At­las com­plet­ing in 2019,” says Neil Short of JLL.

The no man’s land of yore is al­ready long for­got­ten. “High-end life­style brands such as Barry’s Boot­camp and The Cur­tain, New York hote­lier Michael Achen­baum’s ho­tel and pri­vate club, have ar­rived,” says Jenna Buck from lo­cal es­tate agent Easthaus. Restau­rants such as the Miche­lin-starred Galvin broth­ers’ La Chapelle, Ot­tolenghi Spi­tal­fields and The Ivy City Gar­den are al­ready on the doorstep for new res­i­dents, while de­signer ho­tels such as Nobu, M by Mont­calm, Shored­itch House and The Court­house will dou­ble their visi­tors in the next two years, says Short. De­spite this, there’s still a high-end el­e­ment miss­ing from this part of town. “This side of Lon­don is miss­ing a lux­ury depart­ment store such as such as Sel­fridges and an estab­lished up­mar­ket re­tail thor­ough­fare like Sloane Street,” says An­drew Kafkaris of Bru­ton Street Man­age­ment.

There are plenty of op­tions in the area for in­ter­ested buy­ers. Stu­dios at The Stage, a 37-floor mixed-use de­vel­op­ment just be­hind Prin­ci­pal Tower on the his­toric site of Shake­speare’s Cur­tain The­atre, start from £685,000. On selected flats, Gal­liard Homes will pay the three per cent stamp duty pre­mium for buy-to-let in­vestors. Up the road to­wards Hox­ton, the Long & Water­son scheme has homes avail­able from £695,000.

Those opt­ing for a more low-rise life­style will find pur­pose-built apart­ments and com­mer­cial con­ver­sions tucked down nearby back streets. Fox­tons is sell­ing a three-bed­room apart­ment in Christina Street with an out­door ter­race for £1.1 mil­lion, while a split-level, two-bed­room apart­ment on busier Com­mer­cial Street is listed with Marsh & Par­sons for £975,000.

It’s not just what’s in­doors that counts. Devel­op­ers are keen to keep new res­i­dents en­gaged with each other and the sur­round­ing com­mu­nity as it evolves. Prin­ci­pal Tower has an on­line com­mu­nity where res­i­dents can share in­ter­ests, jobs or so­cial events. Its ameni­ties in­clude a gym, spa, screen­ing room, lap pool and 24-hour concierge – and, of course, the city is at your fin­ger­tips. As Ali puts it, “Be­ing so close to the fi­nan­cial district, the area was bound to take off.”

A three-bed­room flat in Christina Street, above, is for sale with Fox­tons for £1.1 mil­lion; avail­able homes at Long & Water­son, be­low, start from £675,000

Homes at Prin­ci­pal Tower, main, which is the first fully res­i­den­tial build­ing in Lon­don by Fos­ter + Part­ners and is due to com­plete in 2019, start from £960,000

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.