Hackney Builds a Fledgling Empire
Metro, 17th November 2011This week Metro moves east to a lively and multicultural area with some surprises up its sleeve.
Hackney has had its share of ups, downs and knock-backs but it seems to be on an upward curve at the moment. Although its reputation wasn’t helped by August’s riots and crime is an ongoing issue, the problems here are no worse than those in many other inner-city areas – and Hackney has a great deal to offer.
It’s edgy, vibrant, multicultural and packed with interesting shops, stalls, pubs, clubs, galleries, cafes and restaurants. It’s also home to a couple of London’s most popular markets. Ridley Road is the traditional daily market selling food, clothing and household goods, while the Broadway Market on Saturdays is a favourite haunt of foodies and creative types, who buy anything and everything from organic meat and cheeses to vintage furniture and fabric.
Among the area’s many shops are The Film Shop, which specialises in world cinema, fishmonger Fin & Flounder – which hosts a monthly supper club – and Lock 7, a cycle shop and café where you can sip a cup of tea while your bike is being repaired.
Although Hackney has always had buses and trains, it was regarded as quite difficult to get to before the opening of the East London line extension. From the new Dalston Junction station there’s now an over-ground service to Highbury and Islington and to New Cross, Crystal Palace and West Croydon. By this time next year, the London Over-ground orbital network will be complete and four trains an hour will run to Clapham Junction, taking just 40 minutes. Dalston Junction is in Zone 2, and an annual Travelcard costs £1,104.
Hackney has a lot of open space. In fact, the borough has more parks and green spaces than any other in inner London. Hackney Downs, Hackney Marshes – famed for its sport pitches – and London Fields have all coveted Green Flag awards and are surrounded by streets of Victorian terraces, which are attracting buyers in their droves.
Richard Everitt, of Winkworth estate agents, says: ‘Families and first-time buyers are moving here. It’s far more affordable than Islington, is lively and quite open, has an abundance of period properties and emerging café culture in parts such as Victoria Park Village. People often stay, upgrading from a flat to a house once they have a family.’ There are also quite a few ex-local authority blocks, where one-bedroom flats start from around £140,000 and two-bedroom flats from £170,000. One-bedroom converted flats cost from around £195,000 and two-bed conversions from £260,000. Expect to pay from around £380,000 for a three-bed Victorian terraced house and from £500,000 for a four-five-bedroom family home.
The lettings market is also busy, Liz Hambros, of Felicity J Lord, says: ‘Hackney is trendy, convenient for the City and affordable. “Tenants tend to be professionals, and properties are renting quickly across the board. One-bedroom flats start at £200 per week, two-beds from £260, three-bedroom flats from £300 and houses from £400.
One sure sign of the change in Hackney’s fortunes is the number of new developments springing up. These include Arthaus, a Union Developments scheme in the former Flowers East Gallery in Richmond, whose central atrium houses a modern art gallery. Only seven one and two-bed apartments remain, priced from £315,000. Barrat London Dalston Square, a large development by Dalston Junction Station has also proved popular. All but eight of the apartments starting from £360,000.
Kingsland Wharves in Haggerston is a luxury development by L&Q on the banks of Kingsland Basin, just off Regent’s Canal and a 20-minute walk to the City. The first phase of homes – one-, two- and three-bedroom apartments at Downham Wharf – will be ready to move into early next year, from £265,000.
Thornsett Group has recently launched Chaplin Apartments, situated next to Hackney Empire, a much-loved local landmark. Named after Charlie Chaplin, who performed there before finding fame in Hollywood, the development will feature 22 one and two-bedroom apartments plus three four-bedroom mews houses. Prices start from £320,000 for a one-bed apartment. Affordable housing is also catered for. Notting Hill Home Ownership’s The Terrace in Hackney Downs features 17 shared ownership one, two and three-bed apartments. They start from £96,600, based on a 40 per cent share of a full market value of £241,500. And Family Mosaic is offering shared ownership at Wisteria Apartments in Chatham Place and Wilton Way.