The L-shaped plot stretches round to Garratt Lane
Picture: Boon Brown Architects
The first phase of the latest new building development in Wandsworth has been revealed. Wandsworth Exchange – an L-shaped redevelopment stretching behind the Spread Eagle pub round to Garratt Lane – can now be seen via a new walkway just off Wandsworth High Street.
Eventually the whole site will provide 201 one, two and three bedroom homes with 21 being offered for shared ownership. There will be four new buildings in total, ranging in height from four to 26 storeys on a site previously occupied by South Thames College (which retains its main red-brick building) and Welbeck House, through to a plot adjacent to the Old Burial Ground on Garratt Lane.
London Housing Association and residential developer L&G, who are developing the plot, recently set out the criteria for buying into ‘Shared Ownership’ on the scheme: “Under the Shared Ownership scheme you part-own and part-rent your home.
“The minimum share you can purchase is 25% and the maximum is 75%. You will usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own. As your income rises, you can increase the share you own until you eventually own 100%.
“Ownership is for anyone who doesn’t currently own a home. It doesn’t matter what your job is, but your income must be less than £90,000 within London and £80,000 outside of London. You’re no longer required to live or work in the area where you intend to buy.”
Shared ownership prices are currently listed between £116-124,000 for 25% ownership of a one-bedroom apartment. Local estate agents say the full market value of the flats is £465-493,000.
January 15, 2020