Home Residential PropertyNew Build Legal & General Affordable Homes and Berkeley Homes partner at South Quay Plaza

Legal & General Affordable Homes and Berkeley Homes partner at South Quay Plaza

by LLP Reporter
11th Aug 20 4:21 pm

Award-winning developer Berkeley Homes has partnered with Legal & General Affordable Homes for the first time to unveil a collection of 78 Shared Ownership homes at the landmark South Quay Plaza, which is situated just moments from Canary Wharf. The Government-backed Shared Ownership scheme allows purchasers to part-buy, part-rent a home, with a significantly lower deposit than is required for full private sale.

Situated within Hampton Tower at the new Foster + Partners-designed development, the studio, one and two bedroom apartments are available from £108,750 for a 25% share, providing a more affordable opportunity to live in one of the capital’s most exciting districts.

A new two bedroom show home with stunning interiors by DAPA is available to view by appointment only, showcasing the high quality apartments which include an excellent specification and floor to ceiling windows that ensure high levels of natural light. Residents will also have access to a 24 hour concierge, providing a friendly face and every-day convenience within the building.

When complete, Berkeley Homes’ South Quay Plaza will comprise of three elegant towers with a total of over 1,300 homes, creating a residential waterside district to complement the evolving Canary Wharf skyline. Set within 2.6 acres of green space, the project has been designed with wellbeing at its centre, with public realm designed by HTA Architects that will include gardens, seating, play areas and outdoor artwork, with an array of flowering plants designed to attract bees, birds and butterflies. The development will also provide vibrant commercial and retail space, creating a celebration of the waterfront that is an engaging space to be enjoyed by both residents and the public alike.

Legal & General Affordable Homes, part of Legal & General Capital, was established in 2018 to increase the supply of affordable, high quality homes in areas where people genuinely want to live. It aims to deliver 3,000 new homes a year by 2023. Currently there are 12 live schemes delivering a mixture of social and affordable rented homes alongside Shared Ownership options.  It has a further 15 schemes in the pipeline to launch across England this year.

South Quay Plaza benefits from an exceptional location minutes from the business district of Canary Wharf. In recent years the area has changed significantly; a diverse mix of industry headquarters and businesses are now supplemented by a wide range of eateries, artisan cafes, quality retailers and running and cycling paths. The area is known for its safe environment and the high ratio of green space complemented by waterside areas to create a unique enclave in the heart of the city.

Canary Wharf is well-served by Jubilee and DLR services as the development is adjacent to South Quay DLR and just 500m from Canary Wharf underground station. The Elizabeth Line will become operational in 2021, and a new footbridge will connect the development to Canary Wharf Crossrail station in under four minutes. The development is also a short journey from London City Airport, and Thames Clipper services link to the rest of London.

Justin Tibaldi, Divisional Managing Director at Berkeley Homes (Capital) said, “This pioneering partnership with Legal & General Affordable Homes will provide an affordable opportunity to live in this landmark architectural development, close to the thriving employment opportunities, amenities and attractions of Canary Wharf.”

Ben Denton, Managing Director at Legal & General Affordable Homes added, “Legal & General is increasingly innovating with how to deploy institutional capital at scale to meet the need for affordable housing of all tenures. We have made a great start in executing our development programme and it is fantastic to be partnering up with Berkeley Homes for the first time, as we look to bolster our pipeline across the country.”

Prices start at £108,750 for a 25% share of a studio apartment with first completions in Q4 2020. To be eligible you must have a household income of less than £90,000 and must not own another property.

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