Paddington pads without the price tag
Octavia Housing’s collection of apartments in the heart of Paddington Waterside offers purchasers the opportunity to secure an apartment at 43% less than the average rent in the same area.
In recent years, Paddington property prices have commanded a premium thanks to the on-going investment and regeneration of the area. The average rent for a one-bedroom flat in Paddington is £1,773 per month*, and that’s just the average: luxury accommodation in a flagship development like Merchant Square is likely to cost even more. Thanks to Octavia Housing’s part-ownership scheme, under which buyers purchase a minimum 25% share of a property and pay rent on the balance, the cost of living in a one-bedroom apartment is expected to start at just £992 per month.
This figure is based on the projected outgoings on one of Grand Union Apartments’ one-bedroom flats, with a full market value of £392,000. The mortgage necessary to purchase the minimum 25% share of the property (worth £98,000) is estimated to cost £445. The monthly rent, calculated at 1.5% of the £294,500 balance, will be £368. Add to this an estimated £180 per month service charge and the monthly outgoings come to £992 – a huge saving of £781 per month compared with renting on the open market.
Andy Warman, Assistant Director at Octavia Housing, commented: “The asking price is only half the story when it comes to affordability: monthly outgoings are the long-term test of how affordable a property really is.”
The Grand Union Apartments are in a 16-storey residential building in Merchant Square, the cosmopolitan heart of London’s most glamorous development project, Paddington Waterside. Planned as the capital’s premier residential, commercial, leisure and retail quarter, Paddington Waterside is transforming the old Paddington Basin into a hub of contemporary urban living.
Octavia Housing has launched a collection of 16 affordable apartments in the building. Under the shared-ownership scheme, prices start at just £98,000 based on a 25% share of the full market value of £392,000.
Grand Union Apartments enjoy a canalside setting close to the chic shops and restaurants that are transforming this corner of Paddington into a truly stylish destination. Merchant Square is an elegant open space fronting the moorings where corporate and retail barges will berth alongside private boats to provide a bustling waterfront community.
For sales information, visit stagnellfox.co.uk.
* According to findaproperty.com.
