RUSKIN COURT AT THE JOINERY, ISLINGTON, FROM £365,000
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 true. 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 in some of the capital’s most up-and-coming areas and their unique architectural features, such as high ceilings and exposed brickwork.
The latest developer to take advantage of this trend is Family Mosaic, an affordable housing provider that’s turning an old joinery and timber yard in Islington into 26 new homes under the name The Joinery.
Sources: Zoopla; Citymapper
|AREA GUIDE: ISLINGTON N19|
|Time to Canary Wharf||52 mins|
|Time to Liverpool Street||40 mins|
|Nearest station||Crouch Hill|
“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 a less standard internal layout, however, so they’re not for everyone.”
The first set of homes to be released at 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 design firm 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. The Archway and Finsbury Park areas are also due to undergo a major transformation in years to come, but Spence only sees the local competition as a good thing for The Joinery: “The ongoing regeneration projects nearby help to encourage more people and services into the area and should ensure that this area remains popular with purchasers for years to come.”