Riverside property prices prove resilient
Research conducted by property consultants Cluttons shows that riverfront properties in London have been most resilient to price fluctuations during the past two years.
It found that riverfront properties are more desirable because they often benefit from being part of regeneration zones along the Thames and are in limited supply. At Pier Road, a new development by Genesishomes, purchasers will be able to take advantage of a stunning riverfront property from just £53,890 for a 25% share!
Pier Road is a development of 39 two bedroom apartments across two buildings. With apartments measuring up to 775 square feet there is ample room for resident’s belongings! A selection of apartments also come with a separate kitchen, which stands out from properties which tend to favour open-plan living. The added bonus of a separate kitchen is that it defines the dining and living area from where the cooking happens – perfect for entertaining and emphasising the space of the apartments!
Kitchens are equipped with dark walnut coloured units and Indesit electric oven, gas hob and integrated extractor hood. All apartments have key fob entry system, bicycle storage space and a wood decked balcony, some of which offer views over the River Thames or upstream to Greenwich and the London Docklands.
The historic Royal Docks are at the heart of the Mayor of London’s new Green Enterprise District, which stretches across East London, with the aim of encouraging investment, creating up to 6,000 new jobs by 2014 and developing a new low carbon skills base.
The flagship project will be the Siemens Pavilion, a conference and exhibition centre and a permanent showcase for sustainable technologies. There are also plans for a river crossing cable car from the Greenwich Peninsula.
Situated opposite the picturesque Royal Victoria Gardens, Pier Road is close to Canary Wharf’s 200 plus shops, bars and restaurants. Nearby Docklands and the O2 arena provide a variety of entertainment and leisure attractions while those who want to experience the serenity of some of London’s most idyllic parks - including Royal Greenwich Park - offer an escape from the buzz of London Docklands.
Pier Road is located less than a five minute walk from King George V DLR station which offers services to London City Airport, Canary Wharf, Stratford and Bank in less than 30 minutes. South of the River Thames can be reached by either the Woolwich foot tunnel, the Woolwich car ferry or by a three minute DLR journey. From Woolwich, national rail services allow you to get to Greenwich and London Bridge in 25 minutes. Crossrail is also due to arrive in 2017 providing fast access to central London and Heathrow.
All of the properties are available on a shared ownership (part buy/part rent) basis. This allows people to buy a share in the property and pay a subsidised rent on the rest.
To be eligible, this must be the buyer’s first property purchase or their only home. Their household income must be less than £60,000 per annum and they will need savings of around £3,500 to cover moving and legal costs.
Once bought, purchasers can also buy additional shares as and when they can afford to do so.
Prices start from as little as £53,890 for a 25% share in a two bedroom apartment at Pier Road based on a full market value of £215,560. For more information, visit genesishomes.org.uk
