Apartments in London docklands from €278,000 and a more traditional scheme in Putney are being offered to Irish buyers. Orna Mulcahy, Property Editor, reports
Despite reports of a cooling off in the UK housing market, Irish investors are continuing to look for opportunities in London as an alternative to Dublin where prices are holding up despite a softer rental market.
Irish buyers will be particularly interested in two high profile London launches this week: Ballymore Homes' Ontario Tower development near Canary Wharf in the Docklands, and a large 1930s building in Putney which is being pitched at the Irish market in advance of its launch in the UK.
The Gunne agency is handling sales of an initial tranche of 36 of these one, two and three-bedroom apartments of the Sir Giles Gilbert Scott building, Whitelands Park in Putney, London SW15, with prices ranging between £265,000 sterling (€378,154) and £670,000 (€955,839).
Ontario Tower will not be complete until 2007 while Whitelands Park will be ready to move into in 2006.
Many people will see this as a decided advantage because, apart from the 10 per cent deposit, the balance of the money will not have to be paid until completion.
Ballymore, the biggest development company to come out of Ireland, is offering Irish investors another chance to get in on the ground of a major scheme in the London Docklands with Ontario Tower.
The tallest residential building in London, the 29-storey landmark with its neon-lit elliptical top has been designed by international architects Skidmore Owings & Merrill, who designed the master plan for Canary Wharf.
The building, which will be linked to an eight-storey hotel with a shared lobby, will have 260 luxuriously fitted apartments, at least 10 per cent of which are expected to be bought by Irish investors.
It's part of Ballymore's New Providence Wharf village overlooking the Thames, beside Canary Wharf and within easy reach of London City Airport. Canary Wharf is about 15 minutes by tube from the West End.
It was launched last weekend with 77 of the units snapped up from plans. A further tranche of units will be released for sale today with prices ranging between £195,000 (€278,000) for a studio apartment rising to £580,000 (€828,925) for a high level two-bedroom unit.
The scheme will also include suites - units that are larger than a studio but slightly smaller than a one-bed. These are designed to appeal to buyers seeking a hotel room-type base in London, close to the business centre, shopping facilities and transport links.
Studios and suites are expected to rent for between £280 and £310 (€399-€442) per week.
Ballymore has had a strong Irish following since it became one of the major players in the London market about a decade ago and so far investors have done exceptionally well.
Early Docklands developments like Millennium Harbour, launched in 1998, have shown capital growth of 100 per cent, according to Andrew Covill, head of sales and marketing.
Those who bought two-bedroom units at New Providence Wharf for between £360,000 and £400,000 (€513,613-€570,681) in 2001 have seen them rise in value to upwards of £500,000 (€713,218) now that the scheme is entirely finished.
Ballymore, which is controlled by businessman Sean Mulryan, has bought up huge tracts of the Docklands, with plans rolling out for the next 15 years.
Meanwhile in Putney, West London, the Sir Giles Gilbert Scott Building will appeal to buyers seeking a more traditional London investment.
Currently a third-level college, the handsome 1930s building is set in 13 acres of grounds called Whitelands Park.
Work will begin next spring to redevelop the building, which was named after the 19th century architect famous for designing London's red telephone boxes.
Prices start at £265,000 (€378,154) for a one-bedroom unit of around 45 sq m (484 sq ft), with two-bed apartments costing from around £360,000 (€513,695). Niall McHenry is handling sales at Gunne, which is selling the scheme jointly with Hamptons International.
