Newspaper article The Evening Standard (London, England)

Discover the Gold in Silvertown; Shared-Ownership Pioneers Will Reap Rewards of E16 Riverfront Regeneration

Newspaper article The Evening Standard (London, England)

Discover the Gold in Silvertown; Shared-Ownership Pioneers Will Reap Rewards of E16 Riverfront Regeneration

Article excerpt

Byline: Ruth Bloomfield

LOVE the idea of waterside living but also want to get ahead of the game? Then the Silvertown peninsula in east London offers a double whammy. It has the Thames on one side, the Royal Docks on the other and it ticks the regeneration box, with PS6.5 billion due to be spent on transforming this industrial wasteland. Thameside West, a new neighbourhood, will bring 5,000 new homes plus shops, restaurants, bars, parks and schools.

Planned transport improvements include a new Docklands Light Railway station and pier for riverbus services, as well as a new road tunnel linking the area to Greenwich by 2024. A planned bridge over the Royal Docks will give pedestrian access to Custom House station, which will be part of the Crossrail line.

First-time buyers with pioneering spirit can buy into Silvertown this spring. New homes at The Refinery in Knights Road, close to West Silvertown DLR station and the Thames Barrier Park, and beside the area's vast Tate & Lyle sugar factory, are on sale now with Southern Home Ownership (shosales.co.uk/therefinery).

Prices start at PS120,750 for a 35 per cent share of a one-bedroom flat.

Monthly costs add up to PS1,333 including rent at PS514, mortgage repayments at PS679 and service charge of PS140.

A share of a two-bedroom flat starts at PS157,500. Buyers will need to budget for rent of PS1,032 a month, mortgage repayments of PS885 and service charge of PS180. The development also includes some three-bedroom flats, priced from PS183,750 for a share. Rent on these larger homes is an estimated PS1,204 a month, while mortgage repayments will come in at PS1,033 a month and service charge will add PS210.

The big downside at The Refinery is that buyers will need to play a waiting game if they want to enjoy the price rises that tend to come with regeneration. …

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