Buying in Shoreditch: London’s hippest Zone 1 postcode has first-time buyer flats for sale in starchitect-designed scheme
A starchitect home in central London’s hippest Zone 1 postcode within a first-time buyer budget might sound as likely as Boris Johnson and Jeremy Corbyn popping out for a pint together.
But flats at Principal Place in Shoreditch, designed by Norman Foster and in walking distance of the City are available for shared ownership from just under £150,000.
For buyers who want everything on the doorstep, this development is pretty hard to beat.
Liverpool Street and Shoreditch High Street stations are within a five-minute walk, while Brick Lane is a leisurely 10 minutes away.
Hungry? No problem. Your locals include Boxpark Shoreditch, the dozens of cafés and street food stalls of Spitalfields Market and, of course, there are one or two great Indian restaurants around here.
Thirsty? Locals include the Queen of Hoxton and the Junkyard Golf Club.
The Young British Artists’ birthplace also has a lively cultural scene, with Whitechapel Gallery, Dennis Severs’ House — a renovated Huguenot silk weavers’ home in Spitalfields — and the cinema at Rich Mix.
And there are fewer nicer ways to while away a London Sunday than at Columbia Road Flower Market.
“We are really excited to be launching our shared-ownership homes at Principal Place,” says Jim Munson, head of marketing at Notting Hill Genesis.
“This is an amazing opportunity to own a home in an area of London that for many, would be completely out of reach financially without the option of shared ownership. Given how in-demand Shoreditch is, we expect a lot of interest and so would urge prospective buyers to act quickly.”
The flats are open plan, with floor-to-ceiling glass doors to private balconies and this corner of outdoor space will be important, as the only thing Shoreditch lacks, it seems, is much in the way of open space.
From £148,750: 25 per cent of a one-bedroom flat at Principal Place in Shoreditch
The flats have a full market value of £595,000, but a 25 per cent share can be bought for £148,750. Buyers will need to pay rent from £1,023 and service charge of £163, on top of mortgage repayments, which will bring total monthly costs to just under £1,900.
Principal Place is one of central London’s largest current mixed-use schemes, with offices that include Amazon among the tenants, plus restaurants, shops, a public piazza and a 50-storey landmark tower due to be completed this year.
What else can I buy?
A home in the E1 postcode doesn’t come cheap. The average property price stands at just over £700,000 according to the latest figures from Rightmove, up from £530,000 in 2017.
The average first-time buyer, meanwhile, who has around £420,000 to spend should search south of Commercial Road and get to know Shadwell, which has a lot less nightlife than Shoreditch but is considerably cheaper and only a mile away.
On The Highway, within walking distance of St Katharine Docks, Ludlow Thompson is selling a one-bedroom flat in a sought-after development, pictured left, for £425,000. Call 020 8012 4393.
The same agent has a two-bedroom mansion block-style flat in Hardinge Street for £400,000. A one-bedroom purpose-built flat is for sale in Wapping Lane with Abatoria Residential (020 8012 0983).