LondonCity: from €463,000An Irish syndicate wanted to buy all 200 apartments in a new scheme in London's East End that promises views of St Paul's and the Gherkin, writes Property Editor Orna Mulcahy
Apartments in a £120 million (€162 million) scheme in the City of London will be pitched at Irish buyers when they go on sale from plans next week at prices starting from €436,000.
Bezier, a scheme of 200 units in two new curved buildings to be built on a prime East End site at Old Street, E2, will have views of St Paul's Cathedral and the Gherkin building from many of its glass fronted apartments.
Fully fitted studio apartments modelled on luxury hotel suites with 35-42sq m (375-450sq ft) of living space will start at €463,087 (£345,000); one-bedroom units with 46.5-55.7sq m (500-600sq ft) will be priced from €624,160 (£465,000); while two-bedroom apartments will start at 65sq m (700sq ft) with larger units of up to 111.5sq m (1,200sq ft). These are priced from €872,483 (£650,000). The sales agent is DTZ Residential.
Due for completion in 2010, Bezier is being built by London-Irish developer Eamon Lyons who has over 20 years experience in the East End. Originally from the west of Ireland, Lyons cut his teeth with Sean Mulryan's Ballymore Homes in the late 1980s and early 1990s but eventually established his own company, Tudorvale Homes, which has been building houses and apartments for over a decade.
He acquired the Bezier site in 2007 and is about to commence work on the 14 and 16-storey buildings. The ground was originally a football pitch for a school which is now being renovated on the proceeds of the sale.
Tudorvale will provide a new scaled down pitch for the secondary school as part of the deal. The site includes a large warehouse building which will be converted into loft-style apartments, for which prices have yet to be set. In the meantime, the building has been converted into a marketing suite with a fully fitted studio and a two-bedroom apartment.
Old Street is in the middle of the City - London's financial district - and Bezier will be close to financial and banking institutions. "We expect the majority of the buyers to be young people working in the City," says Lyons. "For them, being able to walk to work is everything."
Lyons is also showing the plans to a number of Irish investors who are looking for London apartments for their children. He has had a single offer for the entire scheme from an Irish syndicate, but has opted to sell the units individually instead.
A minute's walk from the Tube, Bezier will have two curved towers with retail units on the ground floor. The apartments will have a full concierge service, and a large gym.
About 45 of the units will be studios - multi-function spaces with concealed kitchens, good-sized bathrooms and beds that descend from the wall. These are aimed at business people who have to be in London for a few days a week and want a comfortable bolthole rather than a full-time home.
Most of the remaining units are one and two-beds, and there is a small number of very large penthouses. Interiors have lots of high-spec materials, including limestone clad bathrooms and sleek Italian kitchens. Young urbanites will want to buy into the upper floors which offer ever better views of the city. Those from the seventh floor up will have clear views towards the Gherkin.
There is also likely to be keen interest in the refurbished loft-style apartments in a terrace of old buildings around the corner on Leonard Street which are part of the overall site. These may well be sold in shell form to wealthy bonus makers keen to put their own stamp on them.
While Bezier is in a predominantly business district that might not be particularly lively at weekends, the area fringes on fashionable neighbourhoods like Spitalfields, Clerkenwell, Shoreditch and Hoxton - where there's a good mix of cafés, bars, art galleries and boutiques.
The lack of residential property in this area alone will ensure high London rental yields, says Lyons, who after good years and bad years in London is optimistic about the city. "London property is a tremendous investment. It is nearly like having gold bars."
The Bezier sales and marketing suite and show apartment will open February 21st, 2008. See also www.bezierlondon.com.
