As the fringes of the City soar in both popularity and price, first-time buyers and young professionals on modest incomes are looking to move a bit further afield. In this case “further afield” means 15 minutes away by Tube. Bow in Tower Hamlets, east London, has seen a spurt in popularity as a result, and a number of new developments are sprouting up around the canalside location to cater to this kind of buyer.
The latest new homes to go on sale are in the Merchants Walk development, a collection of 128 studio, one, two and three bedroom apartments in E3. Just a short stroll from Devons Road DLR and a 10 minute walk to Bromley-by-Bow Tube on the District Line, the developer Peabody is hoping it appeals to mid-market domestic buyers.
Sarah Butler, the sales and marketing director at Peabody, says the homes are in a “fantastic location that is seeing a great deal of regeneration at present. E3 is surrounded by great lifestyle facilities such as the Olympic Village, Westfield and the O2. With spacious interiors and excellent transport connections, it means the development will suit a range of buyers.” The building itself is situated on Devons Road and it will be designed by architects ORMS, the designers behind Aviva’s new offices at 20 Gracechurch Street, and Weston Williamson, which is currently working on the new Crossrail station at Paddington.
All apartments come with a private balcony overlooking landscaped gardens. They’re also energy efficient and furnished with natural materials wherever possible. If the Tube isn’t your preferred way to travel, there will also be cycle storage on site, car club spaces and secure car-parking.
Merchants Walk launched last month but it’s already had two reservations for apartments, despite the completion date being scheduled for October 2015. The marketing suite is also due to open on site in January to show more prospective buyers around model showrooms.
Founded by American banker and philanthropist George Peabody in 1862, the not-for-profit developer will be offering a number of homes through Help to Buy and shared ownership and profits from private sales will be reinvested back into the community.