Ready for their close up: new shared-ownership homes in former film studios, eco-districts and Zone 1 developments

From converted film studios to luxury Zone 1 developments, we take a look at the latest shared-ownership homes for sale. 
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Anna White20 September 2018

Lucky residents of Grade II-listed Denham Studios in Buckinghamshire get to walk across a marble-floored entrance hall to their front doors, following in the footsteps of Hollywood film-makers including Stanley Kubrick, Steven Spielberg and Sir Ridley Scott.

The former film studio that produced The Great Escape, Brief Encounter and Eyes Wide Shut is being restored and converted into 224 homes with glitzy nods to its Art Deco heritage: there's a glass-block wall spanning two floors and a dazzling curved concrete staircase.

There is also, of course, a residents' cinema room and a James Bond-inspired townhouse.

Prices start from £332,000 for a one-bedroom flat but those without a 10 per cent deposit can buy through the shared-ownership scheme and live there for a third of the price.

This month the charitable housing association L&Q launches 27 one- and two-bedroom apartments at Denham via its shared-ownership scheme.

Buyers can acquire a 25 per cent share for £75,625 of a flat with a full market value of £302,680. They will pay part mortgage and part rent and will need a five per cent deposit.

It's within walking distance of Denham station from where trains take 25 minutes to Marylebone.

Denham symbolises a shift in the style of shared-ownership properties, which fall into the bracket of "affordable housing".

Traditionally associated with drab ex-council blocks in Greater London and commuter belt towns, shared-ownership apartments and family homes are now being integrated into more glamorous developments where they are next door to luxury and mainstream homes.

The pros and cons of shared ownership

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"Shared-ownership homes are now often a substantial part of large and exciting developments as it is becoming a more common negotiating tool when gaining planning permission," says Kush Rawal, director of So Resi, the shared-ownership arm of Thames Valley Housing Association.

"This gives young buyers access to some fantastic places to live at more affordable prices."

Industrial-to-residential conversions are highly sought after with deep, metal-framed windows, wooden floors and high ceilings and fetch a premium but are no longer the preserve of the trendy elite.

The larger the restoration of a factory site and surrounding area, the more space for different types of property at different prices.

A NEW ECO-DISTRICT

Barking Riverside: shared-ownership flats launch next month via L&Q

More than a third of all homes at Barking Riverside, one of Europe's biggest regeneration schemes and centred around two old power stations, will be available via shared ownership.

The eco-district on the river will also have seven new schools, office space, shops, a GP surgery and an ecology centre along a mile-and-a-quarter stretch of the Thames.

A new Barking Riverside station will also open in 2021 — part of a £260 million extension to the London Overground.

A riverboat commuter service is being introduced and new towpath cycle routes will be carved out, snaking alongside the river.

In E3, Bow River Village: shared-ownership homes near the eateries of Brick Lane

One-, two- and three-bedroom flats in Parklands, the second phase, will be available to buy through the shared-ownership scheme at the launch event on October 6.

This phase nods to the Victorian era when the power stations were in full swing. Rows of townhouses face a garden square, wrapped by five-storey mansion blocks. Prices have yet to be released.

"Every scheme should now be tenure blind," says Matthew Carpen, of New London Architects and project director at Barking Riverside.

"You shouldn't be able to look at a block and be able to tell whether it's affordable renting, shared ownership or within the mainstream market. That way we create an inclusive society."

ZONE 1 OPPORTUNITY

Live centrally: Elephant Park is a six-minute Tube journey to the City

Shared-ownership homes also have their place in central London and are not restricted to the end of a Tube line.

Elephant Park, part of the £15 billion overhaul of Elephant & Castle, is a luxurious Zone 1 development.

Served by the Bakerloo and Northern Tube lines from nearby Elephant & Castle station, it's within walking distance of a mainline train station and 28 bus routes.

It is a six-minute Tube journey to the City and 11 minutes to the West End.

Light, sleek flats with balconies start from £121,250 for a 25 per cent share, based on a full market value of £485,000. The estimated monthly rent is £364 and the minimum income required is £42,090.

LIFE-CHANGING CHOICE

Canning Town duplex: Nick Le-Mon and Denise Paduraru bought a 25 per cent share of their home at The Premier Collection, part of the East City Point scheme 

For Nick Le-Mon, buying through shared ownership allowed him and his partner, Denise Paduraru, to stay in London.

"Buying on the private market would have meant moving out of the capital due to the size of the deposit required," says Le-Mon.

The financial services worker based in London Bridge rented a one-bedroom flat in Royal Docks until he stumbled upon shared ownership.

Last month the couple bought 25 per cent of a two-bedroom flat with a private balcony at The Premier Collection, Clarion Housing Group's scheme in Canning Town.

"We've had to make a few sacrifices saving for the deposit, like restricting the amount of travel, but it has been well worth it," adds Le-Mon.

The market value of their two-bedroom duplex was £475,000 and their share cost £118,750. Overall monthly costs come to £1,519 and the annual income required is £57,361.

The Premier Collection is part of the wider East City Point scheme which will include a new school, parkland and restaurants.

DISPELLING THE MYTHS

More please: Reggie Yates is backing the campaign to spread home ownership

Launching today, Shared Ownership Week is being championed by broadcaster Reggie Yates.

The aim is to help more people become homeowners and to dispel some of the myths around the Government-backed shared-ownership scheme.

The week coincides with the London Home Show this Saturday, 11am to 5pm at the Queen Elizabeth II Centre, Westminster.

Interested buyers can meet the developers and find out where shared-ownership homes are on offer.

Tickets are available online now.

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