Chadwick Building, 24 Penny Brookes Street, London

Shared Ownership

This brand new home is available to buy from as little as £157,500 with a 25% share!

New Stratford Works is a modern development of stylish Shared Ownership apartments. Since the London 2012 Olympics, Stratford became one of the most exciting corner. The development is nestled on the banks of the River Lee and the sprawling greenery of East London’s Victoria Park. The closest underground station is 8-minutes walk and connects you to the London's business centre – Canary Wharf – less than 10 minutes.

A brand new park is situated at the development’s heart with all manner of trees and foliage, so whilst you may be centrally located and connected you can have your own little escape to the country right on your doorstep. Queen Elizabeth Olympic Park is a place for everyone to enjoy and experience from the sports, events or simply relaxing in the seasonal parklands, playgrounds and cafés. There’s also plenty of waterways which can be explored by canoe.

You can grab dinner from one of the many local restaurants. Fish House is a great seafood spot for lazy nights. Grab a lunchtime plate or salad at Ginger and Mint while you work. Signorelli’s knows the importance of Aperitivo, so you can knock back Prosecco and cocktails.

This spacious ground floor apartment features an impressive large ‘wrap around’ balcony with an open plan lounge/kitchen/diner, three bedrooms (en suite to bedroom one) and bathroom.

PRICING & AFFORDABILITY

Approximate Size 970 sq ft

Full Market Value: £630,000

25% Share Price: £157,500 (rent £1,082.81pcm)
50% Share Price: £315,000 (rent £721.88pcm)
75% Share Price: £472,500 (rent £360.94pcm)

Minimum 5% Mortgage Deposit (25% share): £7,875
Approximate Service Charges: £239.92 pcm*
Shared Ownership Lease: 125 years
Council Tax Band: TBC

ELIGIBILITY

Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

At New Stratford Works you can buy a minimum 25% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £90,000
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*Service charges are estimated and may subject to change.

**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.

Leaders Romans Group are selling the homes on behalf of Sage Homes. Sage Homes is a Registered Provider committed to providing high quality affordable homes across England. For more information on Sage Homes visit