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Home of the Day – Apartment at The Refinery, Southern Home Ownership

Posted 12 January 2022 by Keith Osborne

Today’s favourite property type is a three-bedroom apartment available through Shared Ownership in Newham...

There are a host of apartments to ‘part buy-part rent’ with Shared Ownership at The Refinery, in the London Borough of Newham, and the WhatHouse? team is picking one of the three-bedroom examples as the most appealing.

Plot A.5.6 is on the fifth floor of the building and offers 957 sq ft of living space. Through the front door and you are immediately in the living/dining room, which benefits from plenty of natural light including the glazed door to the generous private balcony which offers plenty of room for furniture and plants. Off the living room is the fully fitted kitchen area, complete with built-in appliances. Of the three bedrooms, two are doubles and bedroom one comes with the bonus of an en suite and built-in wardrobe. The third bedroom could easily have another function, such as an office or hobby room. The home is completed by a family bathroom and a number of sizeable storage cupboards. There’s secure bicycle storage.

The full market price of this home is £490,500 and thanks to Shared Ownership, 25% of it can be purchased for £122,625. As guidance, Southern Home Ownership suggests this would be affordable to a household income of £60,543. The estimated monthly spend is £1,792.56 made up of estimated figures of a mortgage payment of £740.00, rental of £843.05 and a service charge of £209.51.

The Refinery is a collection of two- and three-bedroom apartments which all come with their own private outdoor space, as well as a communal courtyard. The homes have been given an energy efficiency B rating, making them environmentally friendly and economical to run. There’s secure bicycle storage and the super-fast ‘Hyperoptic’ Wi-Fi connection is free for your first three months.

Silvertown is a former industrial district which is undergoing major regeneration. There are numerous shops, bars and restaurants coming to the area and it is becoming a cultural and creative hub, with The English National Ballet and the London Film School relocating their headquarters here. The riverside and some impressive public open spaces will appeal to people who enjoy exercise and scenery.

This historic dockland location is well connected to the rest of the capital. but with all that London has to offer within fast and easy reach. The Refinery is a short stroll from West Silvertown DLR Station, from where trains run to Bank in just 18 minutes and to Liverpool Street Station within 23 minutes. Eastbound trains to Woolwich Arsenal put London City Airport just four minutes away.

The regeneration project will include benefits to town centres, education, health and leisure facilities, improvement to road and public transport routes and create a more places to work with new shops and office spaces.

Prices start from £101,250 for a 25% share of a property with a full market value of £405,000. Find out more about The Refinery from Southern Home Ownership.

 

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Royal Docks, Newham E16
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The Refinery
Royal Docks, Newham E16 
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A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

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