Bow Green: A Berkeley Project with a Pool from £460,000

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Hello everyone. A Berkeley scheme in east London with an indoor pool and a garden room, £460,000and up. Today Bow Green is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

Apartment types, current price range and location: see the project page

In Bow, east London, Berkeley Group’s St George brand a large scale regeneration scheme developed by. A brand new neighbourhood is being built out of former industrial land: generous landscaped green space, footpaths, children’s play areas and shared social spaces. For residents only, there is Indoor swimming pool, a concierge, a residents’ lounge and a garden room. Yes, you read that correctly: a Berkeley scheme with a pool in this price band.

Prices

• One bedroom apartments: £460,000and up
• one, two and three bedroom options
• Apartment size: 50 m²and up
• Handed over in stages, with new phases still running
• Address: Bow Common Lane, Bow, Tower Hamlets, London E3

This is, in our portfolio, the most affordable Berkeley scheme with a pool. Compare it with the same group’s White City Living (£680,000) or Camden Goods Yard (£650,000): a similar amenity package, at a markedly more reachable entry point. the advantages of buying a new build home with a strong brand on a sensible budget.

Why Bow Green?

Transport: three separate networks: this corner of east London is far stronger on transport than you would expect.

• Bow Road (District and Hammersmith & City lines), close by
• Bromley-by-Bow (District and Hammersmith & City lines), close by
• DLR link: direct to Canary Wharf and Royal Docks
• Canary Wharf, Stratford and fast, direct access to central London
• Victoria Park and Regent’s Canal close by

East London’s regeneration continues, since the 2012 Olympics the triangle of Stratford, Bow and Hackney Wick has been the fastest changing part of London. Bow is still inside that wave and prices sit clearly below central London. That means it is still a sensible time to come in.

Daily life: from the pool to work

A morning swim in the indoor pool, then the District Line to the centre or the DLR to Canary Wharf. A break in the garden room or the landscaped green space at lunchtime. The cafes within the scheme on the way home in the evening; at the weekend a run in Victoria Park, a cycle along Regent’s Canal, the bars and galleries of Hackney Wick. East London’s creative energy is at your door.

Bow Green rental yield

A sensible entry price and proximity to Canary Wharf produce a good yield. One bedroom apartments usually let for £2,300 to £2,500, 2+1s £3,200 to £3,400 a month. That puts the gross rental yield in the 6-6.5% band, clearly above Zone 1 schemes.

Tenant profile: young professionals working in Canary Wharf and the City, staff and students of Queen Mary University, people in the creative sector. Amenities such as the pool and the concierge set it apart in this price band, and your rental listing stands out from its rivals. For areas with a similar profile, high yield buy to let areas is worth a look.

The shared areas and the details that set Bow Green apart

• Indoor swimming pool: for residents only; a rare amenity in London in this price band.
• Concierge service: parcels, security and welcoming guests.
• Residents’ Lounge: a shared living space for entertaining and socialising.
• Garden Room: a shared space among greenery, usable all year.
• Generous landscaped green space: the element that gives the scheme its identity.
• Footpaths and children’s play areas: designed with families in mind.
• Sports facilities: fitness facilities for residents.
• Cafes and commercial units: secure cycle parking and amenities that make daily life easier.

Energy efficiency and comfort

Berkeley standard insulation, high performance windows and efficient central systems; the apartments are typically EPC B band. Against the older stock in Tower Hamlets the difference in the annual bill is plain. If you let the property you are also ready for the tightening minimum energy standards in the United Kingdom.

Who is buying?

This project of those who want Berkeley quality and a pool concept on a reachable budget choice. Professionals aged 28 to 48, people who want to be near Canary Wharf and investors who value the confidence a brand brings. It is also a sensible entry point for long term buyers wanting to benefit from east London’s regeneration.

Frequently asked questions

What is the Bow area like? Bow neighbours Victoria Park and Hackney Wick and is changing fast. The area around the scheme is still in transition; some streets still carry the old industrial fabric. An advantage for a buyer taking a long view, possibly early for anyone wanting a settled neighbourhood straight away.

How much is the service charge? It comes out in the upper middle range on schemes that include a pool and a concierge. Always ask for this item when working out your net yield; we obtain the current figure for each apartment.

What is the tenure? Leasehold: Berkeley schemes typically grant a term of up to 999 years.

The project is phased, which phase should I buy? Earlier phases are usually cheaper; later phases complete sooner and sit in a more settled setting. We decide together, according to your goal.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Can I use a mortgage? Foreign buyers can normally borrow up to 65-75% of the value. UK mortgages for foreign nationals is worth reading.

Total cost: what you actually pay when you buy at Bow Green

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £460,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £460,000 entry price; we prepare the exact calculation for your own scenario.

The Bow Green buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For Bow Green, these are the ones worth pausing on:

• The area around Bow is still changing: some streets still carry the old industrial fabric, which calls for a long term view.
• A phased, long running project: construction continues around the newer phases.
• The service charge is upper middle: a pool and a concierge are costly amenities; ask for the figure at the outset.
• Heavy new supply in east London: a great many schemes are being handed over in and around Stratford and Bow; there is competition to let.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does Bow Green compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• Camden Goods Yard: the same group’s scheme with a pool in Camden, upper segment.
• Regent's View: a larger floor area alternative on the canal in the same area.
• TwelveTrees Park: for anyone wanting a five line station and six minutes to Canary Wharf.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in London a Good Idea?