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International Property

London’s £1m penthouses are in the most unlikely locations

The city’s eight-year housing boom has resulted in £1 million flats being offered in traditionally heavy industry and subsidised worker’s housing areas

PUBLISHED : Tuesday, 24 October, 2017, 5:49pm
UPDATED : Tuesday, 24 October, 2017, 8:15pm

London’s eight-year housing boom means £1 million (US$1.3 million) flats are now being offered in areas historically associated with heavy industry and subsidised worker’s housing.

Telford Homes Plc last week said it had sold three penthouses in once-down-at-heel Stratford, the district that hosted the London 2012 Olympic Games, for more than £1 million. There’s plenty more for buyers to choose from – more than 780 penthouses are on sale in London for more than that amount, according to listings on real estate website Zoopla.

Tax hikes, high prices and economic uncertainty have stymied growth for homes in central London’s most expensive neighbourhoods even as government support for first-time buyers boosts values in the city’s outer districts.

There are currently 13,600 London homes being offered for more than £1 million on real estate website Rightmove Plc, more than double the 5,348 homes that sold above that level in the city in the first half of the year, according to the Land Registry.

Here are six penthouses in London that are on the market for at least £1 million in places you might not expect.

Stratford Central, Stratford: £1.38 million

Just one three-bedroom penthouse remains on offer at Telford Homes’ 31-story Stratford Central project. Spread over two floors, the home has a walk-in shower, an outdoor kitchen and access to a private gym.

Borough, Southwark: £1 million

Flats overlooking the River Thames regularly sell for millions of pounds. Now, the trend is spreading to districts further south. The owners of a two-bedroom, two-bathroom flat on Sudrey Street, about five minutes walk from Borough underground station, are seeking exactly £1 million. The third-floor property measures 987 square feet (92 square metres).

Tottenham Road, Hackney: £1.25 million

The London borough of Hackney, home to some of the city’s most deprived areas, is now beloved by hipsters, creating tension with locals who accuse them of helping to push up home prices. This three-bedroom penthouse occupies the top two floors of a converted Victorian school and is being offered for £1.25 million.

Royal Arsenal Riverside, Woolwich: £1.3 million

London home builder Berkeley Group Holdings Plc is currently listing five penthouses on the waterfront in the Woolwich district with prices starting at almost £1.3 million for a two-bedroom, two-bathroom duplex that measures 1,014 sq ft. London City Airport is less than 15 minutes away by public transport.

Miramar Lodge, Hendon: £1.25 million

This large three-bedroom penthouse is part of a gated community in London’s Hendon district, almost eight miles north east of the city centre. The 1,536-sq-ft home has underfloor heating, access to a communal garden and is being offered by broker Roundtree real estate.

Royal Wharf, Silvertown: £1.05 million

Developers Ballymore Properties and Oxley Holdings are currently building about 3,385 homes in London’s Royal Docks, close to the ExCel London exhibition centre. Among them is a three-bedroom duplex on the 14th and 15th floors of Latitude House that is being offered for £1.05 million.

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