One Bishopsgate Plaza Sky Residences: Hotel Serviced Apartments in the City of London

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Hello everyone. What would it be like to live above a five star hotel, on the 41st floor, in an apartment with a view of The Shard and Tower Bridge? Today, One Bishopsgate Plaza, The Sky Residences is what we are looking at today!

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

A tower rising at 80 Houndsditch, right in the middle of the City of London. On its lower floors the Pan Pacific London hotel, and from the 20th to the 41st floor The Sky Residences, set aside for residents alone. A private lift takes you straight up to your apartment and the concierge greets you by name. In the view there is the Gherkin, The Shard, Tower Bridge and the Tower of London. Yes, you read that correctly: a scheme that brings the elegance of Mayfair to the City.

Prices

• One bedroom apartments: £1,160,000and up
• two and three bedroom options available
• Apartment sizes: 56 m², 152 m²
• Konutlar 20., 41. katlar between
• Address: 80 Houndsditch, London EC3A 7AB

The scheme is complete and handed over. So there is no off-plan waiting period, no handover delay and no construction risk: you view the apartment, see the view and decide. the advantages of buying a new build home is one of the few schemes that pairs this with immediate handover.

Why One Bishopsgate Plaza?

Otel hizmeti evinize geliyor: this is the real feature that separates this scheme from its rivals. On the lower floors of the building there is the Pan Pacific London hotel and residents can use the hotel’s services. Room service, housekeeping, the spa and the pool are all a lift ride away. The number of schemes working on this model in London does not exceed the fingers of one hand.

• Liverpool Street, a 5 minute walk. The Elizabeth Line, Central, Circle, Metropolitan, Hammersmith & City and national rail.
• Aldgate and Aldgate East, a 5 to 7 minute walk
• on the Elizabeth Line Bond Street 8 minutes, Canary Wharf 6 minutes, Heathrow about 40 minutes
• Bank, Moorgate and Spitalfields Market within walking distance
• Tower Bridge and St Katharine Docks a 15 minute walk

The view: all of London from east to west: the tower is positioned to catch the sunrise over Canary Wharf in the morning and the sunset over the West End in the evening. Every apartment above the 20th floor has this view, and very few residential schemes in the City can reach this height.

Daily life: walking to the office, 40 minutes to the airport

Leave the house at 8:45, be in your office at Bank at 8:55. On foot. Spitalfields Market at lunchtime, the restaurants of Shoreditch or the hotel bar in the evening. At the weekend Bond Street in 8 minutes on the Elizabeth Line, and on a business trip Heathrow in 40 minutes. You can leave your suitcase with the concierge and go.

One Bishopsgate Plaza rental yield

Corporate tenant demand in the City is the steadiest in London. One bedroom apartments usually let for £4,500 to £5,000, 2+1s £6,000 to £6,500 a month. That puts the gross rental yield in the 4.7-5.2% band.

Tenant profile: bankers, law firm partners and senior executives posted to London by international companies. This segment generally rents on a company budget and is willing to pay extra for a hotel serviced concept. If you are after a higher return, high yield buy to let areas is worth a look.

The shared areas and the details that set The Sky Residences apart

• Private lifts: a lift system set aside for residents, going straight up to the residential floors. You do not share the same flow as the hotel guests.
• A concierge who greets you by name, 24 hours, service at a five star hotel standard.
• Access to the hotel pool and spa: the indoor pool, spa and wet areas of the Pan Pacific London.
• Sports Hall: a fully equipped gym for residents only.
• Rezidans Salonu: a shared living space designed for entertaining or working from home.
• Hotel restaurants and bar: in the same building; room service and at-home dining options.
• High specification interiors: branded kitchen appliances, stone bathrooms, panoramic windows.

Energy efficiency and comfort

As a new build tower it is fitted with a high performance facade, central heating and cooling and modern insulation; the apartments are typically in the EPC B band. Against the 100 year old converted buildings in the City there is a serious difference in both the bill and the comfort. If you let the property you are also safe against the tightening energy standards in the United Kingdom.

Who is buying?

Mostly business people aged 40 to 60, executives looking for a pied-a-terre to stay in during the week while working in the City, and international investors from the Middle East and Asia who like the hotel serviced concept. For buyers who come to London a few times a year and want to be able to lock up and leave, this concierge model is particularly sensible: your home stays looked after while you are away.

Frequently asked questions

Otel hizmetleri fiyata dahil mi? The concierge and the shared areas are within the service charge; services such as room service, housekeeping and the spa are charged per use. We can obtain the current tariffs for you.

What is the tenure? Leasehold, with newly sold apartments typically given a term of up to 999 years, which in practice gives security close to freehold ownership.

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 sets the process out in detail.

What is the tax cost? For buyers resident outside the United Kingdom, stamp duty carries a 2% surcharge is added. In this price band it is a serious item; our stamp duty article is worth a look.

How much is the service charge? On hotel serviced schemes the service charge is above that of standard towers. Do ask for this item when working out the net yield; we obtain the current figure for each apartment.

For anyone who wants to live above the 20th floor in the City, in a completed, hotel serviced apartment, One Bishopsgate Plaza is one of the clearest options in London. For the apartments currently available and the floor plans, our project page.

For a detailed price list, floor plans or an appointment, reach us on the WhatsApp button in the left corner of the screen.

Total cost: what you actually pay when you buy at One Bishopsgate Plaza

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £1,160,000 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 £1,160,000 entry price; we prepare the exact calculation for your own scenario.

The One Bishopsgate Plaza 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 One Bishopsgate Plaza, these are the ones worth pausing on:

• The hotel services are charged separately: the concierge is included in the service charge, but room service, housekeeping and the spa are charged per use.
• High service charge: on hotel serviced schemes the service charge is markedly above that of standard towers.
• Hotel traffic: although the private lifts are separate, there is hotel guest movement across the building; if quiet is your priority, consider the upper floors.
• Low rental yield: the gross 3.5-4% band; the normal level expected in this segment.

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 One Bishopsgate Plaza compare with the alternatives?

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

• Principal Tower: in the same district, a Foster + Partners design without the hotel concept.
• One Thames Quay: a river view and more generous shared areas in Canary Wharf.
• Trillium Paddington: Berkeley quality in Zone 1 and a Heathrow connection.

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?