As residential values in London have sky-rocketed, more disused commercial buildings are being converted into homes. A few years ago, it would have been unheard of for apartments to be more profitable than office space but there are a few boroughs in London where this is increasingly the case. And there are no spaces more suited to this new life than former industrial warehouses and factories.
East and south London in particular are filled with magnificent relics of London’s industrial past such as Battersea Power Station and developers are snapping up these buildings for both their prime locations and their unique architectural features.
The latest developer to take advantage of this trend is Family Mosaic, an affordable housing provider that’s turning old joinery and timber yard in Islington into 26 new homes under the name The Joinery. “The old warehouse conversions offer something a little different to a standard new build property,” says Stuart Spence, head of commercial and residential at Family Mosaic. “They tend to be a bit more quirky and characterful, which appeals to people’s sense of fun and adventure. They can lead to less standard internal layout, however, so they’re not for everyone.”
The first set of homes, Ruskin Court, will go on sale in May, consisting of 12 one, two and three bedroom apartments ranging from 463sqft-1,184sqft. All will come with private outside space and 58 per cent of the development will be “affordable housing” with 19 per cent of these available through the Shared Ownership scheme.
Interior designers Suna has been brought in to preserve the site’s industrial character in the furnishings, including floor-to-ceiling zinc clad windows, exposed beams, bronze toggle light switches and smoked oak flooring. Nestled in among the tree-lined Victorian architecture of N19, the development is close to Archway and Upper Holloway tube stations, Elthorne and Finsbury Parks and Parkland Walk, a disused railway line that’s now popular with walkers. The Archway and Finsbury Park areas are also due to undergo a major transformation in years to come. “The ongoing regeneration projects nearby help to encourage more people and services into the area, says Spence, “and should ensure it remains popular with purchasers for years to come.”
Homes at Ruskin Court start at £365,000 and the show home will be ready to view in May. To find out more, visit familymosaicsales.co.uk.