15 minute walk from King’s Cross Central is saving tenants £150 a week
Development ripples from the transformation of King’s Cross are already becoming apparent as savvy tenants look to position themselves close enough to take advantage of this entirely new district, but far enough away to benefit from more affordable rents. One new development, Xchange Point, is just a 15 minute walk from King’s Cross Central, yet tenants are making a saving of more than £150 per week.
The redevelopment of 67 acres of old railway land at King’s Cross, when complete, will see new streets, “boulevards” and squares surrounded by restored buildings, offices, retails space and new homes. Corporate giants such as Google have already confirmed they will be relocating to the area, which is of particular attraction to young professionals looking to best position themselves and take full advantage of what is being dubbed “Europe’s biggest urban redevelopment in recent years”.
However, with redevelopment comes high demand and thus premium rents, so developers are already looking to provide more affordable alternatives which tenants are snapping up. Xchange Point, located on Market Road in the borough of Islington, is a contemporary new gated development of 147 well-designed one, two, and three bedroom apartments, and exceptional penthouses.
With onsite concierge, residents’ gym and full-management available for the communal areas and individual apartments, the development appeals to the increasing number of busy working professionals who have become more accustomed to a personal approach to their property needs, but seeking a less premium price tag. Located, just one mile north of London’s newly fashioned and bustling Kings Cross district, tenants at Xchange Point are paying between £445 and £650 per week for a two bedroom apartments, versus the £600 to £900 being charged within the Kings Cross district.
Sarah Rushbrook, Managing Director of property management firm, Rushbrook and Rathbone says: “The market has seen a convergence of property-related issues and general lifestyle requirements. Individuals want convenience, with everything available at their fingertips, meaning there is more pressure than ever before on developers to offer a complete package at an affordable price. Tenants are recognising that by being more flexible with location (just a 15 minute walk in this instance), they can combine luxury living, with on-site facilities and management, at a much more affordable price and yet still be close enough to reap the benefits of this cosmopolitan new district.”
With a number of new businesses hoping to position themselves within King’s Cross Central rather than the more expensive parts of central London, it is thought the peripheral areas will receive even greater demand over the next few years, particularly from corporate tenants who will have strict accommodation allowances.