Home Property Highest rental deal in Camden Town history

Highest rental deal in Camden Town history

by LLP Reporter
4th Apr 19 3:08 pm

Aston Chase have achieved a record-breaking rental deal in luxury development Chappell Lofts where a four-bedroom lateral apartment, at an asking price of £5,000 per week, has been let. Aston Chase note that this is Camden Town’s most expensive rental deal. Aston Chase says the impressive rental price is testament to the development’s unparalleled calibre of living and prime location in Camden Town.

The rental deal is reflective of sky-high rental rates across the borough of Camden, which is often ranked as one of the top boroughs for rental prices compared to average residents’ earnings. A November 2018 survey by OnTheMarket.com found that renters in Camden borough spend the highest percentage of their earnings on rent, an average of £1,944.28 per month for a one-bedroom apartment.

Similarly, a February 2019 report by Ideal Flatmate put the average rent for the borough of Camden at £2,121 per month, 106% of the average monthly net pay in the borough. These increasingly high rental rates are signs of the borough’s ongoing gentrification and the ever-increasing demand to live and rent in the area.

Chappell Lofts, launched in 2017, offers luxury loft-style living in a famous former Victorian piano factory, the result of a meticulous three-year restoration project. The property showcases dramatic interiors inspired by piano and Manhattan-industrial design, luxury amenities, bespoke finishes and rich architectural details all at a unique address.

The property is a voluminous 4,150 sq. ft. lateral living apartment located on the fifth floor, offering four bedrooms and four bathrooms, with three private terraces to enjoy stunning views of the London skyline. The fifth-floor apartment has a vast triple aspect reception room showcasing contemporary open plan living.

Chappell Lofts also boasts a VIP Club Lounge, with facilities including a club lounge, bespoke cocktail bar/DJ booth, party/club media/sound/lighting system; 183 inch cinema screen, swimming pool, spa pool and gymnasium, all for exclusive use by residents.

Ben Sloane, Lettings Director at Aston Chase, commented: “This new rental agreement at Chappell Lofts is a record-breaking price for Camden Town, and is testament to the superb calibre of living Chappell Lofts offers. The unique development has a rich history, thoughtfully preserved, offering residents a luxury lifestyle choice which is exactly what our tenants were searching for.”

Mark Pollack, director at Aston Chase said, “Chappell Lofts offers loft-style living of an exceptional quality, and this rental agreement is evident of high demand for this lifestyle experience. The borough of Camden is often named as one of the most expensive areas to rent property, and this deal sets a new precedent for Camden Town with developments such as Chappell Lofts leading the way.”

Built in 1866-67, the Chappell Piano Factory is a magnificent Victorian industrial building, originally five-storeys high and eleven sash windows across, forming an elegant brick façade with pilaster and cornice detailing. The entrance has a 2.8 metre high door with feature architrave and glass canopy.

Founded in 1811 by Samuel and Johann Chappell, Chappell & Co provided pianos and musical publications for nobility, gentry and musicians. Clients included Beethoven, Strauss and Sibelius. In 1866-67 the factory relocated to new premises on Belmont Street in Camden, where the Chappell Lofts development now stands, where it was to remain for over 100-years.

Between 1972 to the late 1980s the former factory became known as the Chalk Farm Photographic Studios, providing premises for artists, photographers and a modeling agency and a backdrop for photoshoots for Vogue, Tatler and Harpers & Queen. In the late 1990s property was acquired by Hallmark Property Group. Following commercial tenants vacating and planning for conversion granted, between 2013-2017 a major refurbishment was undertaken to transform the building into smart offices with 10 luxury loft-apartments above.

The luxury specification includes 12 ft high ceilings, and outside balconies/terraces offering splendid views of the London skyline. The generous window to wall ratio enables light to cascade into the living spaces; with exposed feature brickwork, wood panelled walls and bespoke joinery complimenting the large industrial windows.

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