A Move To Woolwich Made Financial Sense For Buyer

Management consultant Piyush Poddar, 33, has been able to save £200 a month since turning his back on renting in Marylebone and buying at Berkeley’s Royal Arsenal Riverside, Woolwich in September 2022. 

Piyush now owns a one-bedroom penthouse apartment with river views in a former carriage factory at Royal Arsenal Riverside and is saving money every month.

Piyush says: “After moving to London in November 2021, I started renting a room in a three-bedroom apartment in Marylebone for £1,600 a month which was a 15-minute walk to my office in Fitzrovia. However, after a while I realised that a large proportion of my salary was going on rent - money that I could have been putting towards a mortgage. Now, my mortgage and service charges cost me £1,400 a month. Not only am I £200 a month better off, but I also have the security of knowing what my property expenses are going to be for the next five years and can avoid the potential increases in rent that people in London are facing every year.”

Prospective homeowners looking to buy could do so with just a 5% deposit thanks to Berkeley offering to match fund the same amount. While everyone’s financial situation is different and compromises will always have to be made when looking for a new home, for Piyush there were some things that were non-negotiable: “Connectivity was most important to me. I also wanted a new build with sustainability credentials.  After researching and speaking to people, I quickly found out that no other developer could match Berkeley’s standards. I then searched for a Berkeley property close to a tube station, which is when I found Royal Arsenal Riverside. Door to door, my journey to work is now 35 minutes via the Elizabeth Line.  For an extra 20 minutes travel, I am now on the property ladder and better off financially.  It is a serious game changer for people like me. Additionally, the housing market in London has generally been steady even during periods of financial crisis, which made it an attractive investment with potential longer term capital gains. Rental yields are also generally high in London, even more so at Berkeley developments, so I knew I was making a decision which would give me long term options.”

With the DLR, Thames Clipper and City Airport close by, Piyush is surprised that more people do not know about a development that was once referred to as the ‘Secret City’: “My work often requires me to travel across London and sometimes abroad. Now, I have access to different forms of transport on my doorstep as well as a direct train route to Heathrow. When friends come to visit, they comment on how quick and easy Royal Arsenal Riverside is to access and how there is a great mix of old and new buildings. As a self-confessed history nerd, I love telling my friends about the heritage of the buildings, some dating back to the 17th century. The character of Royal Arsenal Riverside is unlike any others.  It is amazing to think that my building was built in the early 1800s for the construction of gun carriages and there were 100,000 people in the grounds at its peak. Inside, I have been incredibly impressed with the build quality and standards. Even in the winter when I have been away, the apartment doesn’t feel cold when I return which shows just how well it’s been made.”

Royal Arsenal Riverside is a place that also caters for those looking to maintain a healthy lifestyle. In addition to the Waterside Club, an exclusive residents-only gym and pool, there are also a number of health and wellbeing amenities to be taken advantage of. Residents can also enjoy a range of bars, restaurants, on the go supermarkets and bi-monthly farmers markets, alongside Woolwich Works, London's newest cultural hub which opened in 2021, it is no wonder Piyush feels he has been made to feel part of the community very quickly. From the moment I stepped off the Elizabeth Line, I got a good vibe about the place. It just seemed full of life, people had smiles on their faces and there was a lot going on. Since moving in, I’ve made friends with my neighbours. We have our own WhatsApp group and meet at least once a month in the Dial Arch or one of the other bars or restaurants on the development to catch up. I’m also looking forward to attending more events over the coming years and meeting more people. If someone was to ask me how I feel about living here, I would have to say that my expectations have not only been met but exceeded. Every morning I wake up with a view looking towards the river and the City which is a world away from what I had in Marylebone.”

Prices for a one-bedroom apartment in Seafarers Wharf start at £447,500. 

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