Just How Affordable are the Flats in the 'Chiswick Green' Scheme?
New housing block opposite Sainsbury's completed
Matcham House on Essex Place
November 12, 2023
The first phase of the largest ever development in the centre of Chiswick has been completed at the corner of Acton Lane and Essex Place.
Matcham House is part of the Chiswick Green development by Great Marlborough Estates near Sainsbury’s and includes 16 one, two and three bedroom flats.
The units are being offered on a shared ownership basis by ZEN Housing and have interiors by design practise Millier including wide plank timber flooring and floor to ceiling windows with balconies at all apartments.
The building also has photovoltaic panels on the roof and a WiredScore certification which offers a guarantee of digital connectivity.
Although the units are classed as affordable, a resident of the development could end up paying over £1,500 a month in rent and service charges on top of any mortgage payments they are making for the purchase of their share.
To be eligible to purchase on a shared ownership basis you must be part of a household earning less that £90,000 per annum and live or working in the London Boroughs of Hounslow, Brent, Ealing, Hammersmith & Fulham, Harrow, Hillingdon & Richmond-Upon-Thames.
There is no parking provision for the flats and pets are not allowed unless a 'special licence' has been obtained.
Anyone purchasing a flat on this basis will have to pay rent on the portion of the flat they don’t own but has the right to increase their share in the property in the future.
Zen Housing says a ‘small selection’ of the units are still available with prices starting at £130,625 for a minimum 25% share. This values the flat at £522,500. The two bedroom units were priced up to £182,500 for a 25% share giving a full share value of £730,000.
The monthly rent on the unowned share in the flats ranges from £885 to £1,255 assuming a 25% share on top of this there will be an annual service charge ranging from £2,200.44 to £3,079.80.
Rent is assessed on the basis of 2.75% of the value of the flat. It is not known how future valuations and rent levels will be set.
Zen Housing quotes Andrea Sernicola, a shared ownership buyer at the development as saying, “The moment we set foot in Chiswick Green, we knew it would be our future home - we loved the villagelike atmosphere, range of independent shops and transport links, and the modern interiors, high-quality finishes and spacious layout of the apartment is everything we wanted in our future home. Buying with shared ownership has meant we could get on the property ladder in an area we would not have been able to afford otherwise.”
How the development looks in the brochure
The broader Chiswick Green development, a name which is likely to create some confusion with nearby Chiswick Green Studios off Acton Lane, will ultimately contain 137 flats and houses for private sale.
There will be three main blocks in the development called Empire, Stoll and Adelaide Houses as well as a terrace of townhouses. Empire House offers a choice of apartments and penthouses, being built on the site of the Chiswick Empire theatre. Apartments are also available in Stoll and Adelaide House, with the option of two further penthouses in neighbouring Stoll House. Four townhouses are set in-between these three apartment buildings.
The project has been delayed by issues with the electricity supply due to pressures on the National Grid in the area due to high levels of development and demand from data servers. Recent work requiring the closure of Acton Lane last month is understood to have been required by the need to connect utilities to the development.
A visualisation of the completed Empire House from the developer
Dean Clifford, co-founder, Great Marlborough Estates said, “We are delighted to see the completion of the shared ownership homes at Chiswick Green. Handing over the homes to ZEN Housing is a significant milestone on our journey to delivering high-quality affordable and private homes in this sought-after pocket of London. We look forward to continuing our work on site and building towards the wider transformation of Chiswick High Road.”
Sergey Pichugin, Operations Director, ZEN Housing said, “It's a momentous occasion for ZEN Housing as we unveil our first London project at Chiswick Green. This partnership with the esteemed Great Marlborough Estates is a testament to our shared vision of redefining affordable housing in the heart of the city. This initiative marks a pivotal chapter in our ongoing mission to bring quality, affordable housing to London and other parts of the UK.”
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