The City of London is a thriving business and financial centre and the location of choice for the headquarters of many major global companies and law firms. And now, there is a rare opportunity to tap into growing demand for homes in the area with One Crown Place, a new mixed-use development by Malaysian conglomerate AlloyMtd Group.
Located by the edge of the City, One Crown Place is on London’s historic Sun Street conservation area. Apart from 246 private apartments, 13,000sqm of premium office space and 650sqm of retail units, it will include a historic Georgian terrace – the last remaining in the area – that will be fully restored as a clubhouse for residents and an estimated 36-room hotel.
Set to be a landmark development slated for completion in summer 2020, One Crown Place is designed by the award- winning Kohn Pedersen Fox Associates.
With prices starting from £735,000 (S$1.3 million) for a one-bedroom apartment, residents will enjoy a world-class suite of amenities including a gymnasium, private dining room, residential lounge, cinema room, treatment room, studio and sharing terrace. Each apartment comes with flexible living options through clever zoning that yields a series of light-filled spaces.
The development is ideally placed for local transport links, within five minutes of Moorgate and Liverpool Street stations – the latter being a site for the new central Crossrail route. Spaces for up to 938 bicycles will be provided, with the City of London, Broadgate Circle, Old Street’s Silicon Roundabout, Spitalfields Market and Shoreditch’s creative hubs all within easy walking distance. “People living in the area has increased by 60 per cent since 2011 and a further 3,500 residents are expected over the next 10 years," says CBRE United Kingdom’s head of residential research, Jennet Siebrits. “In tandem with this has been the transformation of the area bordering the City. The result has been a 21 per cent increase in the area’s population, equating to an extra 45,000 people."
Money talks, especially as an investment
Forecasting strong growth in the rental market in the coming years, she notes that 20,000 private renters live near One Crown Place, earning over £50,000 (S$90,000) per annum. Almost one-fifth of these earn more than £100,000 (S$180,000) per annum. “The transient nature of renters means there is a large population of tenants for investors at One Crown Place to draw from," she says.
“For occupiers, convenience is key," points out Henry Robinson, director, London Development, CBRE. “People working in the City tend to be time-poor, so a development that provides a range of high-quality amenities on-site, including additional offerings such as a clubhouse and destination restaurant, means they have everything right at their doorstep."
Further, a diversity of employers in the area has encouraged a greatly improved food and beverage offering in recent years, increasing the number of people who want to live and work there – whether owners or renters.