Shared ownership in Chelsea: waterfront flats from £160k in same development as Roman Abramovich’s £30m penthouse
Russian oligarch Roman Abramovich splashed £30 million of his colossal fortune last year on a riverfront penthouse near his beloved Chelsea Football Club.
This month some very fortunate first-time buyers will be able to bag their own stake in the very same development for the considerably more realistic sum of £160,000, when the first affordable homes at Chelsea Waterfront go on sale.
Clarion Housing (lotswaterside.co.uk) is selling dozens of apartments at the site on a “shared equity” basis, allowing buyers to purchase a share of a property with the local council owning the rest.
Unlike shared ownership, they won’t pay any rent on the share they don’t own and when they want to sell they will walk away with their portion of any profits.
Prices start at £160,000 for a 25 per cent share of a one-bedroom flat, or £201,000 for a 25 per cent stake in a two-bedroom flat. There are also some three-bedroom flats, priced from £249,000 for 25 per cent. Service charges range from about £250-£280 a month.
To qualify buyers must live or work within Hammersmith & Fulham, and their total household income must be no more than £90,000.
Chelsea Waterfront is set beside Chelsea Creek and within sight of Albert Bridge, on the eight-acre site of the former Lots Road Power Station which was decommissioned in 2001.
Over the next few years, Hong Kong-based Hutchison Property Group will build more than 700 new homes in towers of up to 37 storeys.
New shops and restaurants in the original power station building will complement Lots Road’s existing hangouts, including Lots Road Pub & Dining Room, a traditional Victorian boozer transformed into an upscale gastropub.
Nearby is the 606 Club, a Chelsea institution for more than 30 years. Live music is played seven nights a week, and the 606 is considered one of London’s finest jazz venues.
Another local pub worth checking out is The Sands End, co-owned by former royal equerry Mark Dyer, and popular with Princes William and Harry in their bachelor days.
Design shops and a river commute
Lots Road is a hotspot for upmarket antiques, bespoke furniture, specialist art and design shops. There’s an auction house and Chelsea Design Centre.
All this, while likely to be beyond the budgets of most first-time buyers, will provide plenty of interiors inspiration.
In terms of green space, Cremorne Gardens are beautifully planted and offer spectacular views over the Thames.
Just on the other side of the river is Battersea Park, while a lost section of the Thames Path is being reopened as part of the Chelsea Waterfront development.
As for getting around, although the tail end of King’s Road was once considered a public transport blackspot, Fulham Broadway Tube station, in Zone 2 on the District line, is only a 15-minute walk away from the site, while Imperial Wharf Overground station has services to Clapham Junction, West Brompton and beyond.
Alternatively commuters could make the most of their riverside location and simply jump aboard a river bus from Chelsea Harbour Pier, breezing into central London along the Thames.