First-time buyers fly high at Esprit apartments
Mark Jefferies is certainly going up in the world. He has he just bought his first home. It is in one of London’s most buzzing areas. And it’s in the tallest residential building in central London.
Mark’s flat is one of Family Mosaic’s Esprit Apartments, a collection of 89 one- and two-bedroom homes that occupy eight floors of the iconic Strata Tower, whose 42 storeys soar above Elephant & Castle. And, thanks to Family Mosaic’s shared ownership scheme, he has been able to buy into the high life for just £52,500 – the cost of his 25 per cent share of the property, whose full value is £210,000.
‘It has all come as a bit of a shock, frankly,’ Mark says. ‘I had seen the tower taking shape on the skyline but it wasn’t until I saw apartments advertised in the newspaper that I thought I might be in with a chance of getting one. I went to a meeting for potential buyers and really liked the flats that Family Mosaic were offering. I was quite surprised when I got one! I wasn’t choosy about which one I went for, so I think that boosted my chances.’
Mark’s flat is on the tenth floor and comprises a double bedroom, bathroom and kitchen/living room – perfect for a first-time buyer. ‘The appliances and fittings that were included made all the difference to the affordability,’ says Mark, who sold his car to fund furnishing his new home. They include an integrated stainless steel oven and a full height fridge-freezer, a wall mounted heated towel rail and over-bath thermostatic mixer shower in the bathroom and fitted carpets in the bedroom.
Residents will also save money on energy, as the Strata Tower is the first development in the world to integrate wind turbines into the fabric of the building, designed to bring energy costs down.
Mark, 23, who works in the IT department of a travel company in Barbican, had been living with his parents in Sidcup and had no immediate plans to move out, but the Family Mosaic deal was too good an opportunity to miss. ‘The trains from Sidcup were a nightmare and very expensive; now I cycle 20 minutes to work for nothing.’
There is a secure storage facility for bikes; indeed, Mark, who moved into his new home on 12 August, has been impressed with the level of security throughout, which includes a 24-hour concierge service, electronic residents-only access to the lifts and CCTV in the reception.
Esprit Apartments and the Strata Tower are a dynamic part of a £1.5 billion project to regenerate Elephant & Castle, which is set to make the area a sought-after residential destination. Planning permission has been granted for the creation of a pedestrianised town centre, market square, green spaces, and thousands of new homes by 2014. The regeneration scheme will also consist of a comprehensive tree planting programme.
The regeneration of the area is one reason why Mark is looking at his flat as a long-term investment: ‘I’m planning to buy greater shares in the property over time. The whole area is on the up, so values are bound to appreciate.’
Esprit apartments are available on a part-buy, part-rent basis. This means that you buy the share of your home you can afford, and pay a subsidised rent on the remaining share of the property. You can start by buying as little as 25% and can increase your share at any time, all the way to 100%. To be eligible for the scheme, purchasers will have a household income of less than £60,000 and be purchasing the apartment as their first and only home.
Priority will be given to those either living or working in the London Borough of Southwark and surrounding areas.
Prices at Esprit Apartments start from £52,500 for a 25% share based on a full market value of £210,000 for a one bedroom apartment. Two bedroom apartments are available from £60,000 for a 25% share based on a full market value of £240,000.
For further sales information, visit: familymosaicsales.co.uk
