An innovative housing company has set out to bring their first set of affordable homes to South West London’s district of Wandsworth Town.
Targeting households with incomes of less than £45,000 – those earning too little to buy on the free market, but too much to qualify for social housing – Pocket will provide 63 micro-homes in a new development designed by award-winning architects Metropolitan Workshop.
On a vacant site at 6 Mapleton Crescent, adjacent to Wandsworth’s Southside Shopping Centre, a part 21, part 24 story tower will rise, slotting neatly into the area undergoing regeneration.
Shared amenity spaces and balconies, as well as a roof garden and a riverside terrace invite residents to socialize with their neighbors and build a community.
For the targeted group – singles and couples in their late 20s/early 30s – location rates higher than space; not many of them own a car, either, so the development is planned to feature copious cycle parking rather than unused car parks.
‘To be able to deliver our first tower in a new borough is testament to the desperate need for affordable housing in London, such as Pocket,’ said Marc Vlessing, Chief Executive.
‘The development responds to the need for a new standard in affordable starter homes and in which progressive boroughs like Wandsworth are leading the way.’
Pocket apartments are only available to first-time buyers who have lived in the London Borough of Wandsworth – not necessarily the district of Wandsworth – for at least a year; buy-to-let investors are excluded from buying, meaning neighbors are unlikely to change on an annual basis.
But even if people want to move, Pocket leases ensure homes can only be sold to eligible buyers – and stay affordable.
Sold at a discount of at least 20% in comparison to the borough average, Pocket homes are built close to transport hubs and cater to the needs of young, professional Londoners.