Van Posted February 26, 2011 Report Share Posted February 26, 2011 There are some schemes floating around that allow local residents and local workers to buy apparently at 30% BMV. I have a colleague at work who is taking advantage of such as scheme: http://www.rightmove.co.uk/property-for-sa...y-29038897.html http://www.chelseacreek.co.uk/index.cfm?articleID=175 When purchasing, you pay a capped sum equal to a minimum of 30% below open market value of the apartment. You will enter into a deed of covenant with the London Borough of Hammersmith & Fulham for the remaining 30%, which will set out the conditions of resale and percentage discount to be applied. No rent will be payable to the Borough on the 30% covenanted to them. Residents at Chelsea Creek will be eligible to purchase an annual parking permit, subject to availability, at 25% of the market price.*** As the scheme has been designed to enable access to home ownership the properties cannot be sub-let. Is this offer as good as it sounds, or is there a catch? Sadly I don't qualify for this, but if I did I would almost certainly take advantage of it. Link to comment Share on other sites More sharing options...
drbubb Posted February 27, 2011 Report Share Posted February 27, 2011 http://www.chelseacreek.co.uk/index.cfm?articleID=175 When purchasing, you pay a capped sum equal to a minimum of 30% below open market value of the apartment. You will enter into a deed of covenant with the London Borough of Hammersmith & Fulham for the remaining 30%, which will set out the conditions of resale and percentage discount to be applied. No rent will be payable to the Borough on the 30% covenanted to them. Residents at Chelsea Creek will be eligible to purchase an annual parking permit, subject to availability, at 25% of the market price.*** They must be having trouble selling an overvalued property. I note that this property has been marketed in Hong Kong: QUOTE Chelsea Creek Cocktail Invitation St. George PLC cordially invites you to attend the Cocktail Party for the prestigious residential project, Chelsea Creek from 6 p.m. to 8 p.m. on 18th February 2011 Friday on 2/F Mandarin Oriental Hong Kong. St George PLC is proud to present this prestigious residential project next to Chelsea Harbour for your kind perusal. - 999-year leasehold - 1, 2 and 3-bedroom luxury apartments and penthouses set in a new dockside location adjacent to the River Thames - Prime Central London location, adjacent to fashionable King’s Road, Chelsea Harbour and Imperial Wharf - Unrivalled transport connection, with easy access to new Imperial Wharf railway station - 24-hour concierge and security service and underground parking - Landscaped gardens, tree-lined roads and courtyard gardens - Anticipated completion from Winter 2012 UNQUOTE It is far, far away from Central London, despite the marketing spin. The pricing? "approximately GBP1,000 psf " Easy Access?: Imperial Wharf railway station to Bank? : That's about a one hour journey, Right? /more: http://www.civilengineeringnews.net/haber/...on-sw6-2qd.html Link to comment Share on other sites More sharing options...
Van Posted February 28, 2011 Author Report Share Posted February 28, 2011 Having a closer look at the plots available, I think those headline prices are very misleading. Here are what is still available if you use the search facility: Sandford House 7 2 1 £694,950 Available View Compass House 57 2 1 £809,950 Available View £700k-£800k for a 1st floor 2br apartment? Yup, overpriced. Here is the floorplan for the 695k flat: Looks about 70sq m... 758sq ft? So yup about £916sq ft. Link to comment Share on other sites More sharing options...
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