This week’s exclusive interview is with Santhosh Gowda, chairman of Strawberry Star Group, who gives us an in-depth view of the developer’s latest major project, providing hundreds of new homes as part of the regeneration of Luton.
Please tell us a little about yourself and Strawberry Star Homes.
Strawberry Star Homes (SSH) is part of Strawberry Star Group, an international property company with strong presence in London and Asia and an office in Singapore. Our volume housing vision for London is being implemented through SSH, which will deliver quality London-style apartments at prices that suit realistic budgets in London zones 3-9 and popular commuter belts. It will focus on lifestyle-driven communities in locations that benefit from new and existing fast transport links to central London and business hubs.
SSH will deliver 4,000+ quality new homes (apartments) in the London commuter belt by 2025 to address the growing demand from first-time buyers, young families, home movers, working professionals and buy-to-let investors.
With 28+ years of experience in leading global property markets, I set up the Strawberry Star Group to offer end-to-end property services in London. In a span of 10 years, Strawberry Star has emerged as an integral player in the London property market, with businesses ranging from capital, acquisition, development, homes, sales, lettings & management, to asset management. The company has overseen careful investments in 800+ luxury apartments across London by acquiring 500,000 sq ft to date. The company has grown in strength with aggregate investments totalling close to £1bn.
You're releasing the first homes from your new LU2ON development - can you give us an overview of the project?
As you are aware, Luton is London’s top commuter belt town. Recently, the Lloyds Bank research found out that Luton is also the most affordable town for property buyers near London. We chose Luton for several such reasons and our project LU2ON is just 23 minutes by train from King’s Cross St. Pancras International, central London, making it easily accessible.
With a £1.5bn regeneration project underway, the once overlooked Bedfordshire town of Luton is being reinvented into a buzzing property hotspot. With house prices still 60% less than London itself, 20% growth forecast and an expanding captive rental market; for savvy first-time buyers, commuters, home-movers, buy-to-let investors and property investors, LU2ON is an ideal home.
Spread over 6.8 acres, LU2ON is a residential-led mixed-use development with facilities and amenities, such as 24 hours concierge services, restaurants and bars, secure parking, bicycle storage, roof gardens for private residents, boutique retail, hotel, convention centre, convenience stores, storage/recycling centre, and an attractive public realm and open spaces, landscaped gardens and commercial space. Provisions are made to include a supermarket, childcare and a pharmacy in the development. LU2ON will provide over 785 bespoke suites, one- and two-bedroom apartments with the phase 1 (400 apartments) of the development scheduled for completion in 2021.
LU2ON is located close to major developments as part of Luton’s 395-acre Enterprise Zone project such as the £200m Luton ‘Direct Air to Rail Transit (DART)’, driverless rail shuttle (located opposite the LU2ON development), and the London Luton Airport. LU2ON has the advantage of being within the ‘Golden Triangle’ of Cambridge, Oxford and London, which is home to the world’s top universities apart from the local University of Bedfordshire, offering investment opportunities for students while studying.
What properties/prices are the first available and when will they be ready to move into?
Bespoke suites, one and two-bedroom apartments (400) are available under phase 1, which is scheduled for completion in 2021. The asking prices of the units start from £185,000 onwards.
What kind of specification can buyers expect, and might there be options/upgrades for early buyers to choose?
LU2ON apartments will have first-class facilities. Designed to provide a contemporary feel, the specifications include video entry phone system; floor-to-ceiling windows; electrical heating; soundproofed triple glazing throughout and mechanical air ventilation system to name a few. Fully integrated appliances add quality and style to the interior finish of the kitchen units. The development is contemporary in design and we are working with world-renowned architects. Flanagan Lawrence & Stuart Forbes Associates are jointly working as a team for this development. Flint Interiors are handling interior design while Gillespies are the landscape architects.
Are Help to Buy and other incentives a crucial part of attracting buyers?
As you are aware, Help to Buy comes into relevance for buyers when the development is six months away from completion. We have applied for this as a developer. The USP of our development is that we are offering integrated amenities and facilities in one location, offering the best value for money to homebuyers. Retail, cafes, bars, gym, hotel, convenience store, and many more options will be available at the development. The biggest advantage for buyers at LU2ON is our end-to-end service delivery model. Unlike other developers, we focus not just on sales of residential units, but offer unique customer journey. Our end-to-end property services, such as post-completion, estate management, lettings and resales of their property, will come into at LU2ON.
Has Luton generally been overlooked as a place to live?
Luton has consistently emerged as the top buy-to-let postcode in the UK because of its proximity to London, educational infrastructure, job opportunities and lifestyle. However, with a £1.5bn regeneration project underway, the once overlooked Bedfordshire town of Luton is being reinvented into a buzzing property hotspot. It is also one of the best commuter towns for property investment, as rental growth and capital gains projections are higher. Luton will continue to be preferred by London-based working professionals, who are keen on living amidst greenery but with London lifestyle that developments like ours offer.
Are there other developments that Strawberry Star is particularly proud of?
In the last 10 years, Strawberry Star is involved with some of the prestigious developments and iconic buildings in London, such as Sky Gardens in Vauxhall/Nine Elms where our London corporate office is located; Hoola E16 in Royal Docks; and Hawker Building in Nine Elms. Our own development Bronze is under construction in Wandsworth, London. Recently, we associated ourselves with Greenview Court, an upcoming scheme in West London. We have also exchanged contracts for purchase of five Grade A office buildings totalling around 100,000 sq ft (9,442 sqm) in Phase 1 of the ABP project, London.
If someone wants to know more about LU2ON, what can they find and how can they find it?
We have a dedicated site to showcase the development – www.lu2on.com They can connect with us by calling 020 7781 8899 to writing to us [email protected].
Our research team has prepared an exhaustive research into the Luton housing market. Click Luton / LU2ON for more information.