Property

CITY LIVING FOR LESS THAN £50K

21 August 2008

THE CHANCE to get a footing on the property ladder in Southwark for under £50,000 does not come about every day, but we have found just such an opportunity, writes Katie Rowe...

Pelican House in Peckham is one of three new developments in the borough which are being sold by SharedHorizons group, as part of a shared ownership scheme.  

Thirty-one one bedroom and two bedroom apartments are on offer at this contemporary new development.

Stylishly fitted out, the prices for one bedrooms at Pelican House start at £46,250 and £57,500 for two bedrooms, both for a 25 per cent share of the property. What’s more, SharedHorizons are giving £1,000 cash back to those who successfully complete on their purchase. 

Located between Camberwell and Peckham town centre, Pelican House still has its original 1930s window façade. Fitted with high gloss kitchens and modern bathroom suites that each include integrated appliances, an apartment at Pelican House is extremely good value for money.

Furthermore, only a minimum deposit is required, unlike other properties that would require a large sum. The lowest price for a spacious one-bedroom property - mortgage, rent and service charge payments all included, is £800 each month. This is based on the average mortgage being at 6.5 per cent APR. A two-bedroom would total £1000, which means that for as little as £800 a month you can be investing in your long-term future by owning a 25% share of the property.

Pelican House is pretty well-connected, both Rye Lane and Queen’s Road railway stations are nearby. In fact you can reach London Bridge in seven minutes by train and Elephant and Castle by a 15-minute bus ride. As well as this, Peckham has various bus routes that go to a number of areas, from Shoreditch to Oxford Circus to South Kensington.

Peckham was once a rich Victorian surbub and a lot of the period houses reflect this golden age for the area. In recent years the area has undergone massive regeneration. House prices in the richer areas of Borough, Bermondsey and Rotherhithe in the north and the traditionally affluent area of Dulwich in the south have rocketed in recent years. As these prices have increased, Peckham has become more and more of a prefered option for those unable to afford such locations. It is still very close to the centre of London and plans for a tram and extension of the East London line mean that even though the property market is on a bit of a down turn, Peckham will inevitably be a good investment.

Pelican House, like all SharedHorizons properties, is extremely secure. The individual parking spaces are in a gated area and entry to the building is via videophone only.

Mr Seren Gnanasekaram of SharedHorizons believes that the structure of Pelican House will create a friendly community. He says: "We want to build a community - that's why we built a courtyard area, where everyone can meet up and get to know each other."

The architects and designers of Pelican House have created living spaces that suit the modern lifestyle, including good storage facilities and spacious, airy rooms. Some of the apartments on the higher floors also have good views of the London skyline. The apartments range in size from 43 square metres to 107 square metres, so there is something for everyone's budget.

SharedHorizons, which also have developments in Borough on Southwark Bridge Road and Dulwich in Ernest Court, aims to help those who find it hard to get onto the property ladder. "Young professionals, young families, people wanting to start families, people in temporary accommodation and council housing are our main priority", Mr Gnanasekaram added.

If you are interesting in finding out more information on Pelican House call the sales team on 020 8726 8839 or email sales@horizons.org.uk

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