One Commercial Street is the residential project proving London’s back in business
OF ALL the new towers cropping up around the UK, an ambitious development, abandoned during the financial crash, is proving that London can bounce back from a crisis.
Developer Redrow London now has high hopes for its flagship project, One Commercial Street, in Aldgate, claiming it will begin a “new chapter” in the history of housing on the fringes of the City.
Construction began on the site in 2008 with Julius Properties as the original developer but the project was halted at the onset of the global banking crash after key financial backers withdrew from the project. Building stopped and it lay derelict for more than three years until Redrow London saw potential in the site in mid-2011.
A year and a half later, the 80 metre tower has scooped Best High Rise Development at the UK Property Awards, and in September chancellor George Osborne chose the building to launch the Treasury’s keynote speech, in which he proclaimed the UK economy was “turning a corner”.
The 21-storey tower, built directly above Aldgate East underground station, was designed by British architects Broadway Malyan which is also drawing up designs for regeneration projects in nearby Royal Mint Street. The practice’s vision for the shape was inspired by a “blade of light” and the form was designed to blend seamlessly into London’s skyline.
“For the first time, prospective buyers have the opportunity to take in the impressive views from over halfway up the tower,” says Mary Timlin, sales and marketing director at Redrow London, “as well as admire the high quality design and finish of the lateral apartments inside.
“This is an area that has seen and continues to experience considerable regeneration, with this launch being yet another chapter in its success story.”
One Commercial Street is just under a mile away from Bank and a short walk from Shoreditch. According to research by London estate agent Knight Frank, house prices around the City Fringe have risen by 92 per cent since 2001.
The first show apartment, around half way up the tower on the 15th floor, is finally available for viewing and, as with many of the 137 private apartments, the flat boasts a balcony with views of Canary Wharf, Tower Bridge and City Hall.
The two-bedroom show home is one of the Tower Apartments, sitting alongside the three-bedroom City Collection over floors 12 to 20. These flats are available in a range of sizes, from 769ft sqft to 1,070 sqft.
The bathroom in every apartment has underfloor heating for those chilly early mornings, and they come with Siemens stainless steel appliances, and high tech audio-visual door entry systems. Those branching out to the 21st floor will encounter the luxury three-bedroom penthouses, launching next month.
First completions are due in December and prices start from £770,000. For more information, call 020 3302 3115 or log on to onecommercialstreet.com.