Yahoo Finance Pocket flats: new Croydon tower homes for sale 20% below local rate for London first-time buyers
A batch of new discounted “pocket” flats in a Croydon tower block are set to go on the market aimed exclusively at London’s first-time buyers
The 21-storey building on Addiscombe Grove, near East Croydon station, includes 30 apartments priced at a 20 per cent discount to the local market, with prices starting at £260,000.
Another 82 flats will be released at a later stage as well as 41 shared ownership homes delivered as part of a joint venture between the developer Pocket Living and housing association Optivo.
As the fourth cheapest London borough and with plenty of new-build developments in the works, Croydon is a good place to look for Londoners looking to get on the hosuing ladder. The average flat price in the borough is £353,916, according to Foxtons.
The Addiscombe Grove tower was built using innovative ‘modular’ construction method where the homes are manufactured offsite and dropped into place.
The flats are all one-bedroom and have three rooms; an open plan kitchen and living room, a double bedroom with wet room and a large walk-in shower. There is additional storage space in the hallway and bedroom.
According to the developer, which specialises in building compact apartments aimed at first-time buyers, both the kitchen and living space are “enhanced” with high ceilings and large full height windows to maximise daylight.
Designed by architects Metropolitan Workshop, the high-rise features glazed blue-grey tiles and a diagonal window pattern inspired by Richard Seifert’s nearby NLA Tower, completed in 1970.
The building includes three outdoor spaces; a landscaped communal roof terrace on the 9th floor, a 20th floor “Nordic Garden” and a third garden on the 21st floor. It also has a residents’ lounge and a wellness room for yoga or other classes.
Jenny Anson, Head of Sales at Pocket Living, said: “If you look around Croydon, much of the new affordable housing currently available doesn’t allow for 100 per cent ownership, which is restricting options for first-time buyers who want to get on the housing ladder in an area that they love.
“We’re especially committed to making 100 per cent homeownership a reality for those who contribute economically, socially and culturally to the day-to-day life of the capital, which is why we offer a unique 100 per cent ownership, 20 per cent discount product.
“At Pocket, we are all about creating thriving communities where our residents can feel at home the minute they get their keys, which is why we have placed such great care and attention on the design of our communal amenities.”
Pocket Living, which launched in 2004, developed a model for small flats aimed at those struggling to get on the London housing ladder. Its apartments are around 38 m2, just above the minimum space standard for a one-bedroom flat in the UK.
The East Croydon scheme is one of over 1,000 “pocket” homes being built in London and backed by Sadiq Khan. The London Mayor invested £25million in Pocket Living in 201, with a third of the homes expected to be built offsite to speed up delivery.
