Wharf Life Property Supplement, Feb 7-21, 2024

Feb 7-21, 2024 wharf-life.com

+ How Save To Buy might help those who are finding it tough to raise a deposit Page 18

partner wanted

why Places for London is seeking a joint venture developer for land on the Limmo Peninsula - P16 Property in Canary Wharf, Docklands, east London buy - rent - invest - interiors - commercial

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Proportion of the homes at Limmo Peninsula that TfL is aiming to be designated as affordable housing

how Transport For London has set out to find a new partner to build up to 1.5k homes on the Limmo Peninsula

by Jon Massey

W

hat’s to become of five hectares of vacant land on the Limmo Peninsula?

Five minutes from Canning Town station, just across the River Lea from London City Island, Goodluck Hope and Trinity Buoy Wharf, the plot must rank as one of the most desirable development sites in east London.

Future residents would benefit from rapid Tube, DLR and bus links on their doorsteps as well as the increasingly vibrant regeneration of Royal Docks and the immediate area.

It features 600m of riverbank itself, with an ecology park less than five minutes beyond the station.

The land has long been vacant.

Most recently, it was used as a construction hub for Crossrail, with giant machines lowered into the earth to bore tunnels for the massively successful railway.

Yet somehow, no scheme exists for its future. In 2019, Transport For London – which owns the site through its arms-length commercial property company, Places For London – unveiled build-to-rent titan Grainger as a joint venture partner to develop the land and a succession of other sites.

But the developer’s withdrawal has left Limmo once again in limbo, with Places For London putting out an open call for a new collaborator. The difference, it appears, this time, is that it is looking first for a partner on this scheme, with the possibility of developing together on further sites in east London in the future.

The plan is to deliver up to 1,500 homes including affordable housing (50%, if Places For London succeeds in its stated ambition) in a scheme that will largely be car-free except for blue badge parking spaces. The plans are likely to include a range of different tenures, with detailed designs obviously yet to come.

“We are excited to be searching for a joint venture partner to help us deliver a residential-led scheme at Limmo Peninsula in the heart of east London,” said Ben Tate, head of property development at Places For London.

“With the ability to build up to 1,500 new homes, including affordable housing, alongside a range of other improvements, this is a unique opportunity for a partner to help us transform this site into a sustainable development that will benefit the local community.

“This partnership will form part of our wider programme, which seeks to build the homes

We are excited to be searching for a joint venture partner to help us deliver a residentialled scheme Ben Tate, Places For London

and commercial spaces the city needs, while also generating vital revenue that can then be reinvested into the transport network.”

While the proportions of the joint venture have yet to be defined, the plan is for Places For London to take a smaller share of the scheme with the partner becoming the majority stakeholder.

The site itself is being offered to the market on a long leasehold basis. Further joint ventures would be assessed on a case-bycase basis.

Go to find-tender.service.gov.uk for more information Scan this code to find out more about the opportunity

The land is within easy reach of Canary Wharf and the City via the Tube and DLR

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The Limmo Peninsula sits on the east bank of the River Lea opposite London City Island and Goodluck Hope

me position

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Initial deposit needed on a Save To Buy property, a scheme aimed at first-time buyers from Fairview New Homes Show home interiors at Dock28 in Woolwich

how Fairview New Homes is set to bring its Save To Buy scheme to London at Woolwich’s Dock28

by Jon Massey

T

here’s long been a paradox in the London property market.

Tenants in the capital often pay a premium for the homes they inhabit – a monthly wedge that is far in excess of the cash necessary to satisfy a mortgage payment on that same property.

Yet, because they are shackled to such deals – often the only viable way of securing a roof over their heads – precious little is left over for savings that might be used to buy their first property.

The deposit remains a singular hurdle that is daunting for many and impossible for others to overcome. Meanwhile every month, people burn through more rent.

Help To Buy and shared ownership schemes were and are attempts to

We were overwhelmed by the response to Save To Buy last year, but in truth not all that surprised when you consider the challenges that first-time buyers face Chris Hood, Fairview New Homes

help overcome this issue. The former essentially threw government money at the problem, while the latter addresses the issue by lowering the amount buyers need to borrow and therefore the size of the deposit.

But with Help To Buy gone, and shared ownership only available through housing associations, what of companies building properties for private sale? The rising cost of living, soaring rents and pricey mortgages have all resulted in a tough market.

Little shock then, that innovative solutions are proving popular. Fairview New Homes, for example, created Save To Buy last year.

Launched at the firm’s Epping Gate development last year as a one-off, the scheme offers those who want to buy for the first time a chance to start living in the property they will purchase with only a 1% deposit in the bank.

Each month they pay an amount based on local average rent, all of which goes towards their eventual deposit on the place. Once they are within a month of hitting that total, they make a mortgage application, complete on the property and officially become the owners.

Buyers exchange contracts when they move in, committing to a sale at an agreed price, but delay the final deal until the agreed amount of cash has been built up.

Since it launched last year, the company has had some 17,800 enquiries

extending an

for the Epping scheme and its second phase has now sold out.

Fairview has now announced that it is expanding Save To Buy to selected plots at Dock28 in Woolwich, which, when finished, will comprise 216 homes divided into studios and one, two and three-bedroom apartments.

The scheme is only available to firsttime buyers, aged 18 or over, in employment who will live in the property as their only residence. Approval from a financial advisor is also needed.

Fairview sales and marketing director, Chris Hood said: “We were overwhelmed by the response to Save To Buy last year, but in truth, not all that surprised when you consider the ongoing challenges that first-time buyers in this country face – particularly in the capital. One of the queries we were most often met with was: ‘Is it available in London?’.

“With our Dock28 development in Woolwich having launched in the second half of 2023 and four more developments to come this year in the capital, now felt like the right time to bring it to the city.

“Our research found that more than half – 56% – of non-homeowners in the capital are not confident that they will be able to purchase their own home within the next two years. A year ago, this stood at 23%.

“Our hope is that by bringing Save To Buy to London, we can speed up the dream of home ownership for a few of these people.”

A survey conducted by Fairview found 90% of London renters believed the cost of renting – which reached an all time average high in the capital in the last half of 2023 at £2,627pcm – had impacted their ability to save for a deposit. A year earlier only 7% of tenants said they thought rents were having a negative impact. l At the time of going to press, studio apartments at Dock28 started at £269,000, with one-beds from £325,000. To find out which qualify for Save To Buy, contact Fairview or attend its Home Is Where The Heart Is event on February 17, where sales staff will be on hand to discuss the various incentives the developer is offering. l For those who prefer Essex, The Green – a 70-home phase at Epping Gate – is set to launch on Saturday, February 24.

Fairview has not yet confirmed whether Save To Buy will be available for this phase.

Go to fairview.co.uk or call 020 3811 0903 for more information on Save To Buy and availability on properties

Scan this code to find out more about Save To Buy at Fairview’s latest developments

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Select properties at Dock28 will be available through Fairview’s Save To Buy scheme

CASE STUDY In June Eleonora and Stan, left, moved into a one-bed at Epping Gate, with a purchase price of £339k, after successfully applying for Save To Buy with a deposit of £3,390. In November, they completed on their property and are now home owners

The Green at Epping Gate – the schemes’ latest phase – is set to be launched this month

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Find your dream home today 020 3883 6278 nhghomes.com/kidbrookesquare Shared Ownership affordability and eligibility criteria apply. *Based on a 1 bedroom apartment with a full market value of £372,500, a 25% share of £93,125, a monthly rent of £640, monthly service charge of £193 and an estimated monthly mortgage of £463. Estimated mortgage payments assume an interest rate of 5.25% using a 10% deposit over 30 years on a repayment basis, the actual interest rate can vary. Rent percentage calculated on the value of the share that is not purchased. Service charge is only an estimate and may increase in future. Images used for illustrative purposes only. February 2024.

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*Calculated based on a 2-year fixed rate mortgage at 5.25% initial rate, on a 35-year term and 90% LTV, available on selected plots only and reservations made by 29th February 2024. †Distances approximate. Source: Google Maps.

Details and prices correct at time of going to press. Images for illustrative purposes only.