Sales in the Asian market have begun for flats at the Strata SE1, a 42-story luxury property from developer Brookfield promoting sustainable high-rise living in an emerging area of London. LOFT was on hand for the announcement to find out more.
Located in London’s Elephant & Castle district, the Strata SE1 is the tallest residential building in Central London and affords panoramic views including Big Ben and the London Eye to the West and the Tate Modern as well as St. Paul’s Cathedral facing Northeast.
The developers succeeded in selling off plan all of the 403 residences in 2007, however several investors have since been unable to complete funding – largely affected by the global financial crisis and the collapse of the Irish banking system.
As a result there are around 52 brand new residences available in Strata SE1 ranging from studios to one, two and three bedroom flats – in addition to the stunning penthouse properties. The interiors finishings are all top notch, contemporary and understated with modern kitchen and bathroom fittings in each flat, expansive floor-to-ceiling windows that allow plenty of natural light in, showing off the city views – which are far ranging and uninterrupted.
We were pleased to see that the architects, BFLS, fully embraced the potential for energy efficient design. The building exceeds current UK building regulations on sustainability by 13%, and developers claim residents of Strata SE1 can expect to see saving up to 40% in energy bills.
This is due to the cutting edge facade that envelops the exterior structure, helping to prevent heat loss, and a pioneering design feature that LOFT loves: three distinctive circular openings at top for wind turbines, integrated into the building’s structure. Each of the 9-metres turbines are estimated to be able to generate up to 8% of the building’s energy needs reducing resident’s carbon footprint.
The Strata’s striking architectural design also picked up the prestigious 2010 Concrete Society Award, singled out as a “considerable feat of construction on [such a] restricted site” and for innovative use as concrete as a structural material.
“Strata is already popular with elite Asian buyers,” said James Talbot, Director of Savills, who are handling the sales in Asia. “In addition, they are drawn to London’s Elephant & Castle area because of its close proximity to universities and London’s entertainment and business districts. Strata is just minutes away on the Tube from the financial center of London, as well as most of the city’s popular spots.” Indeed it does bear a close proximity to many Central London destinations with Bakerloo and Northern Line tube stations nearby.
The Strata SE1 is the first project to kick start the regeneration of SE1. The London Borough of Southwark’s £1.5billion plan includes the creation of a new traffic-free town centre, ample green space and a host of cultural and leisure facilities to help the burgeoning growth of Elephant & Castle.
This is an attractive prospect for investors willing to consider holding property for the medium to long term. As non-resident, overseas investors will also benefit from not having to pay capital gains tax on any increase in asset valuation, standing to make a 28% gain against local investors.
Prices for the flats have been fixed around the 2007 valuations and it’s worth reminding that with any investment you stand to make a loss, however with London’s housing market returning to pre-crash levels and set to continue growing with high demand for attractive residential property this could be an area ripe for investment.
For those looking for more information there will be an exhibition from 11am-7pm on 22nd and 23rd January 2011 at the East and West Room, Mandarin Oriental Hotel.