Overseas property investors have an advantage over buyers in Britain as currency fluctuations mean the pound is weaker against foreign reserves, including the Hong Kong dollar. The pound has lost 22 per cent of its value against the Hong Kong dollar since October 2007, meaning buyers here investing in British property can get more for their money - giving them a significant advantage over rival British buyers. Starting today, property agency King Sturge is hosting an exhibition at the Landmark Mandarin Oriental showcasing a new development in north London called City Waterside. The developer is Berkeley Homes, which has remained active in the newbuild market in the English capital throughout the economic crisis. City Waterside is in the Woodberry Park area of Woodberry Down in Hackney. The development is the first phase in one of the largest renewal schemes underway in the British capital and covers 26 hectares. Woodberry Down is an inner-city suburb with a diverse mix of ethnic groups. Regeneration plans include demolition and rebuilding of most of the existing buildings for the 5,000 residents, with the addition of more than 2,600 extra homes and community facilities. According to Hackney Council, Woodberry Down will be an, 'inclusive, sustainable community'. The project is expected to comprise more than 4,600 homes for 10,000 people, schools, shops, cafes, a business centre and a health care complex. Regeneration is expected to take from 15 to 20 years. City Waterside is surrounded by two former reservoirs and the New River. The development consists of units with one, two and three bedrooms. Each apartment has south-facing views to maximise the use of natural light. Some units overlook the reservoir, the City and Canary Wharf. Design features include floor-to-ceiling windows, underfloor heating and contemporary interiors. Some units have balconies or terraces. The tenant profile is likely to be young professionals and young families who want the convenience of a reasonable commute to the West End or the City while also enjoying the benefits of living in a semi-urban area with outdoor space, according to King Sturge. Completion is due in the last quarter of 2011. Prices start from GBP199,000 (HK$2.52 million) for a one-bedroom unit, with rental yields anticipated to be between 6 and 6.5 per cent. James Talbot, partner at King Sturge, said international buyers would benefit from low capital values in the area compared with those of many prime areas in London. The location's transport links, which will take commuters into central London within 15 minutes, also make the development an attractive option. 'It is a rare opportunity to acquire what are the best units in a regeneration scheme at the start of the project,' Talbot said. 'Add to this the fall in property prices and the depreciation of sterling and Hong Kong investors have a genuinely great reason to buy into an exciting project.' Hong Kong buyers are being offered the chance to buy internationally before the development moves to other markets. Talbot said the developer's vision for the area - retail and leisure facilities alongside water features - and its close proximity to the 2012 Olympic park promised high rewards for those making mid- to long-term investments in City Waterside. Piers Clanford, operations director of Berkeley Homes, said international property investors were finding that their currency was going much further. 'This is an opportunity to make an investment in a development that will transform the area for future generations. The time is now to invest in the first and arguably the best phase of this major regeneration project,' he said. Berkeley Homes is well versed in working on regeneration projects and, while some developers have put a hold on construction projects in recent months, Berkeley has continued with its newbuild projects. It said that the supply of high-quality newbuild properties in London this year was significantly lower than two years ago; 7,500 new homes are expected to be completed this year compared with 28,500 in 2007. Like other Berkeley Homes regeneration projects, City Waterside will incorporate sustainable building elements as part of the developer's climate change policy. It will also incorporate public open spaces, cycle and pedestrian routes and landscaped gardens. Wildlife and flora in the wetland area will be protected and, according to Berkeley Homes, wildlife will 'thrive on the new site'.