The luxury development in Finsbury Park, N4, is located on the banks of the New River and West Reservoir, providing a mix of apartments and penthouses overlooking 43 acres of tranquil open water.

'The central location, zone 2, within 15 minutes of Oxford Circus and the expanse of water, makes the development and location desirable,' Murray explains. 'Not only are we seeing strong demand from the international market, but the local London market is now seeing the benefits that such a large urban regeneration scheme can bring and transaction levels have also increased by 60 per cent over the last quarter.'

The Residence is the last block in the present phase to be released at Woodberry Park. This iconic 27-storey tower consists of 175 one-, two- and three-bedroom apartments and penthouses boasting spectacular panoramic views over both the east and west reservoirs and out towards London's skyline.

Prices start at GBP197,500 for one-bedroom apartments and GBP479,950 for two bedrooms, and forecast rental yields are in the order of 6 per cent.

The Residence apartments are fully fitted to include high-quality contemporary kitchens, bathrooms and floor finishes, and built-in wardrobes to the master bedroom. There is also a concierge and access to a gated underground car park via an electronic entry system. Other benefits include a residents-only gymnasium, a variety of shops and cafes at ground level and landscaped gardens.

Selected apartments on floors 20 and above will benefit from a 'platinum specification' to include a Bosch built-in induction hob, microwave and double oven, along with oak internal doors, fitted wardrobes to master and second bedrooms, multiroom audio system, including iPod docking station, hard-wired alarm system and video entry system.

All apartments benefit from rare outside space in the form of balconies or terraces taking advantage of views across the water towards the dramatic skyline of The City and Canary Wharf.

Environmental sustainability was a key design specification. And the project includes numerous measures including sustainable drainage systems, sustainable procurement of raw materials, ecological enhancement programmes and market-leading on-site renewable energy-generating technology.

The Woodberry Park master plan was designed by Shepheard Epstein Hunter. However, the detailed design of each specific block has been drafted by separate signature architects. The first phase has been designed by Royal Academy-associated firm Wilkinson Eyre and preeminent residential architects Rolfe Judd.

Paul Wilson, the architect working on the Woodberry Park project, explains Rolfe Judd's vision for this major regeneration scheme. 'Every apartment has long-distance, south-facing views over the water on one side, and a more intimate one over private gardens and courtyards on the other. We achieved that by stepping the blocks back into the site and creating a series of terraces while keeping the levels of privacy we wanted.'

Murray says the development will appeal to the discerning investor seeking rental yield and capital growth, and owner-occupiers and parents who buy apartments for their children to live in while studying in college. 'The project benefits from other infrastructure including excellent local schools, nearby Finsbury Park, a health centre and a variety of bars and cafes,' Murray says.

Occupations in the first phase of this development will commence at the end of this year, starting with City Waterside and then City Riverside. Occupations in The Residence will start in the third quarter of next year, with the whole phase completed by the end of 2012.

Phase one will consist of 500 residential units, plus a bakery, convenience store, post office, butchers and letting agents.

The whole regeneration project consists of more than 4,600 new homes, which will be delivered over the next 10 to 12 years. The existing estate is being totally demolished and replaced with new apartments and community facilities, including a new school, supermarket, retail outlets and a health care centre.

Murray says the London domestic market sentiment is good and the year has started positively with increased activity levels compared to last year's final quarter.

'This has translated into strong sales as confidence returns to the market,' he says. 'The strength in the market is also being driven by a lack of supply. The balance between supply and demand is a fundamental driver in price growth and transaction levels.'