CRASH PADS
For the City’s movers and shakers, it’s the million pound question: do you live in the town centre and save yourself hours of tedious, stressful commuting, safe in the knowledge that you own property in one of the world’s cultural hubs? Or, do you move to the commuter belt, get yourself a bigger house with a garden and raise your kids somewhere with a bit of greenery?
Or, you could go for the third option: a big house and a City crash pad. If you want to have it all – the best art, theatre and music on your doorstep and a view of the rolling countryside, a one bedroom crash-pad can be both convenient and – if you buy shrewdly – a great investment.
“A crash pad is ideally located within easy reach of the City or Canary Wharf,” says Paul Williams of Savills Islington, “preferably in a location well served by transport, restaurants and nightlife. Buyers should always have an eye on resale and are well advised to buy in locations that are historically in demand or are up and coming and offer real growth potential.
“For a crash pad that will attract young City workers if you’re consifering rental or resale, don’t look west of Islington – increasingly, young buyers are looking east for their nightlife. For value and potential growth in value, I’d be looking around Old Street or Shoreditch. For an established prime market with a very broad appeal at resale, Bloomsbury or Marylebone are both locations which still look cheap compared to Knightsbridge and Chelsea and offer growth potential.”
Matt Leitch of Savills Docklands agrees that east London is where the clever money is, even if you’re on a relatively tight budget. He said: “For a first time buyer, or those looking for a budget crash pad, Stepney is a great choice. Values are still sensible – at around £500 per square foot compared with £800-900 per square foot just a couple of miles either side, with one beds available for around £240,000. This area is already well-served transport-wise and values will undoubtedly be boosted by the arrival of Crossrail and post-Olympic regeneration.”
At the other end of the spectrum, properties near to Liverpool Street or Canary Wharf can fetch well over £1m, with buyers from all over Europe using flats there as a London base while their families remain in Paris or Madrid.
With property in the trendier areas of east London maintaining value well, investing in that crash-pad now could reap financial rewards in a few years. Two birds with one stone: what are you waiting for?
CASE STUDY 1: THE DOCKLANDS OASIS
NEW PROVIDENCE WHARF, DOCKLANDS
Price: £325,000
A modern one bedroom flat with parking near to Blackwall Way DLR station and Canary Wharf underground station. It has a reception room, kitchen, bedroom, bathroom and access to parking, a concierge, a swimming pool and a gym. Savills’ Paul Williams says: “Buyers looking for a ‘lock up and go’ crash pad should look to newer markets like Docklands or Canary Wharf where you buy the convenience of built-in services.” Contact Savills on 020 7226 1313.
CASE STUDY 2: THE ISLINGTON PAD
BLACKTHORN AVENUE, ISLINGTON
Price: £450,000
A modern one bedroom apartment on the second floor of the award winning Arundel Square development. It has hardwood flooring in the reception room and a balcony that overlooks the newly landscaped Arundel Square gardens. Savills’ Paul Williams says: “Islington has grown in appeal for City workers looking for a crash pad and demand for flats remains really strong, not least because it’s just 15 minutes walk from the City.” Contact Savills on 020 7226 1313.