Archway in the London Borough of Islington is transforming dramatically. The area is inner city, benefiting from good transport links and local amenities. In addition it has a number of attractive neighbouring areas including Finsbury Park and Holloway. Chalk Farm and Camden are just over two miles away.
A high profile office redevelopment
The number of luxury flats in the area has been rising recently. This is in response to the popularity of the location and the high demand from young professionals. One of the latest projects is a conversion of Hill House. The former offices will become 150 flats as well as new retail spaces on the ground floor. Due to the use of old planning laws 100% of the properties will be for private sale. This is a selling point the developer Bode is pushing.
Outdated planning rules
The interesting thing about the project is that it would not gain permission if it was a new build because it does not create affordable housing. Due to the fact it is a conversion and change of use, rules introduced in May 2013 apply. This means there is no obligation to create affordable homes.
This will not be the first project in the area to involve the conversion of offices into homes. Archway Tower, an adjacent office block, has already been converted into 118 luxury flats. These are available to rent rather than for private sale though.
The new luxury flats could have interesting investment potential. After-all the area is popular and offers a lot of amenities. Importantly, Hill House is situated next to the Tube Station, offering services on the Northern Line. As a result residents will be able to travel quickly to the centre of London or on as far as Morden.
Finefair works with investors to help them choose the right services for their needs. We can arrange different options, including guaranteed rent and the best council leasing Islington has to offer. This means clients can decide whether to go the private route or work with the local authority. It is therefore easier to choose the most suitable option for them.
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