Property of the Week: Pied-a-terres are a popular way of living close to the office. Here’s how Dr Clive Rankin chose his in EC2
Pied-a-terres are fast becoming the property a la mode in central London.
For a fraction of the price of a family home – not to mention the stamp duty – you could live the high life in a studio in the city with a barely-noticeable commute during the week. Then spend the money you saved on those extra bedrooms on a pad in the country for a completely different change of pace at the weekend.
That's what Dr Clive Rankin has been doing for a while now. Working in the City in investment, he's been living in a flat he bought in Farringdon and travelling to the country to see his wife at the weekends. But he’s always looked admiringly over to the Brutalist towers of the Barbican Estate. “The area is really vibrant, with great restaurants from revered chefs and there is always something new happening be it an exhibition or a play in the surrounding streets of the Barbican,” he says.
Living room at Blake Tower
Recently, Blake Tower, the fourth building that makes up the iconic housing development, has been given a revamp by Redrow, which has transformed a former YMCA in a Grade II listed building into 74 studio, one, two and three bedroom flats and penthouses. At last, an opening had come up in this notoriously insular community and Rankin was so eager he bought one of the apartments before it was even finished.
As a savvy investor, Rankin also saw a capital appreciation opportunity. “With Crossrail coming to Farringdon in just over a year, it means the apartment is extremely well connected both for getting across London and for travel to Heathrow. There is also the additional benefit of the impact on rising property prices in areas where Crossrail is coming.”
Clive opted for a 480sqft studio at Blake Tower, with a view to pay a 10 per cent deposit in December 2016 to move in mid-2017.
Blake Tower, Barbican, from £675,000. Visit blaketower.com or call Redrow on 020 3538 3719.