Focus On: Islington – An area that has all a savvy buyer needs
One of those neighbourhoods that has it all, Islington combines lively restaurants and bars, inviting pubs and attractive residential areas with Georgian townhouses, garden squares and quaint terraces. Less bourgeois than west London, it attracts a mix of high-earning middle class millennials and boomers, families, and hipster house sharers with a liking for arts and culture. One of the capital’s more expensive postcodes, Foxtons reports the average flat price is £781,332, while the average house is £1,412,368.
How is the area evolving in terms of the property market? Paul Williams, head of Savills Islington office says: “Islington has long been a hotspot favoured amongst professionals – even more so in recent years with its proximity to Google’s UK offices. The area’s residential streets typically attract domestic buyers, who favour Barnsbury and Canonbury for their Victorian and Georgian architecture and independent businesses, whilst the creative scene of nearby Hackney and De Beauvoir Town [outside of Islington] appeal to younger buyers.”
Although Islington is rich in history, a new mixed-use development called 250 City Road is set to disrupt the otherwise reassuringly familiar property market. Big, ambitious, bold and cutting-edge, the development has been designed by architects Foster + Partners and will ultimately feature 65 apartments in Siena House (all of which come with gold taps and terraces or balconies), plus office, retail and leisure venues, together with a new four-star Nhow hotel and 0.7 hectares of open space that includes a wifi-enabled public piazza.
Brian McKenzie, operations director of property developer Berkeley North East London, says: “Located in London’s world-leading economic centre and on the edge of the Square Mile, 250 City Road delivers the best of luxury city living. Berkeley’s development delivers stunning home design and an impressive array of hotel-style amenities perfectly suited to the busy lifestyles of London residents.
“The exclusive facilities include a residents’ lounge and a state-of-the-art gym, as well as a yoga studio that benefits from spectacular views of the city. For those looking to unwind in style, residents also have access to an elegant, fully equipped spa complete with a 20-metre pool, Jacuzzi, sauna and steam room. Day-to-day practicalities are also taken care of by a 24-hour concierge. Forthcoming amenities will also include a games room, a reading room, a business lounge and even a screening and karaoke room.”
Prices at Siena House start at £790,000 for a one-bedroom apartment, going up to £3.3m for the a 1,615 sq ft two-bedroom flat. Although some homes are ready to move into now, most won’t be available until 2023 or even the end of 2024. However, the development will continue to draw attention to Islington as a desirable destination.
McKenzie says: “250 City Road provides an impressive, contemporary scheme of striking architectural merit. The magnificent duo of towers, positioned atop a podium structure and standing at 42 and 36 storeys in height, are among the tallest ever to be built by Berkeley and are a prominent addition to the capital’s skyline.”
Berkeley also says it has become the world’s first developer to use fully integrated Zuma technology in Siena House, which will provide residents with the “ultimate immersive sound and light experience, without the clutter of excess plugs, cables and sockets”.
McKenzie concludes: “250 City Road is a great investment opportunity for owner, occupier and investor alike. As well as providing an array of amenities on site which mean residents can live, work, and relax within the development, it is just a few minutes’ walk from the global brands of Tech City – digital giants including Adobe, Amazon and Deliveroo are setting up base here – and the dining, hospitality and retail opportunities of Old Street, Islington and Clerkenwell. This is modern city living at its most convenient.”