There is still time to reap rewards from Olympic legacy
Now that the most successful Olympics in the history of the Games have ended, it’s time for Londoners to benefit from the Olympic legacy. Apart from the Team GB medals success, one of the most exciting outcomes is the £15bn regeneration of this area of east London.
Genesis is a contributing to this renaissance with its major development at Stratford Halo. Due for completion in 2013, the development will create a new London landmark with its 43-floor residential tower rising high above the skyline. When complete, the development will comprise 704 new homes across five buildings, as well as retail, commercial and leisure space.
This is the perfect time to buy one of these stylish brand new apartments on a shared ownership basis. They offer excellent value for money, with monthly outgoings comparing favourably with average rental prices in the area. Prices start at £53,125 for a 25% share of a one bedroom apartment, based on a full market value of £212,500.
Stratford Halo occupies a prime position at the main entrance to the Olympic Park, due to be renamed the Queen Elizabeth Olympic Park, which will become a fantastic new focal point for the capital. The park is predicted to have 9.3 million visitors a year by 2016, hosting a mix of 2,000 events per year including sport and entertainment.
The stylish one- two- and three-bedroom apartments are available in a variety of layouts, with each home having a spacious open plan living area and its own private balcony. The homes are finished to a high quality specification, including designer kitchens complete with Bosch appliances, and wood-strip flooring and carpets.
Despite its convenient location, the development enjoys a peaceful riverside setting surrounded by landscaped grounds, which include a children’s play area. A range of other new facilities and amenities, including schools, hotels, parks and health centres, are planned for the wider area.
Stratford is changing for the better and there are many reasons to visit this exciting part of London including Westfield Stratford City. Opened in summer 2011, this £1.4bn project is Europe's largest urban mall. It features shops, cinemas, restaurants and a casino and attracts 1m visitors per week.
Stratford is now one of London’s best-connected locations thanks to huge investment in infrastructure, meaning residents can enjoy a speedy commute into Central London, the City and Canary Wharf. It is served by the Jubilee and Central lines on the London Underground, the Docklands Light Railway and overland rail services, including the High Speed domestic rail services that will allow commuters to travel into central London in just seven minutes. In future, Stratford will have a station on the Crossrail line, providing Eurostar international services.
Buying under shared ownership is designed to help buyers who cannot otherwise afford to purchase their first property on the open market, allowing them to buy the share of their home that they can afford (at least 25%), and pay a subsidised rent on the remaining share of the property. They can increase their share at any time, right up to 100% and outright ownership.
The scheme is open to buyers whose total annual household income is less than £64,300 for one and two bedroom properties and £77,200 for three bedroom homes. They should have savings of about £3,500 to cover moving and legal costs.
Prices start as follows based on a 25% share:
One-bedroom – from £53,125, based on a full market value of £212,500 with monthly outgoings (mortgage and rent combined) of £757.
Two-bedroom - from £68,750 based on a full market value of £275,000, with monthly outgoings of £995.
Three-bedroom - from £87,500 for a 25% share, based on full market value of £350,000, with monthly outgoings of £1252.
For more information, visit genesishomes.org.uk.
