A chance to live at the top of the UK capital comes to Asia
At the end of January, Savills and developer Brookfield brought some good news to investors in Shanghai, Singapore and Hong Kong. Flats in Strata, London’s tallest residential building, were for sale.
The building, a modern, 43-storey distinctively designed core property that wouldn’t be out of place in Hong Kong’s cityscape, was completed in 2007, and back when it first went on sale in the UK every single unit was snapped up. Flash forward to 2010 and the post-’08 financial crash and things look very, very different. In the wake of the banking sector meltdown, lending institutions the world over have changed the way they do business, leaving 15 percent of Strata’s original purchasers unable secure financing. Though it may smack of schadenfreude, those units are now available for purchase.
Strata is a sustainable building and constructed to be energy-efficient. Located in London’s SE1 postcode district, it’s within walking distance of the Tate, the Gherkin, Westminster Abbey, and Buckingham Palace (for the adventurous) and just a bit farther from Canary Wharf. Its best feature may be the sweeping city views that complement the high-end interiors, fittings and open, efficient layouts.
The property makes an idea investment and Savills is predicting rental returns of up to 6 percent. “Development has stopped but demand in London is still growing. Strata is in an emerging [neighbourhood] with high appeal,” said James Talbot, Director of Savills of the city’s perpetual strength as an investment location. The units range between 369 square foot studios to 968 square foot two-bedroom suites — not including the penthouses. Prices start at approximately ￡230,000 (HK$2.9 million).
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