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So anyone looking to buy rather than rent a home in or near the famed Shoreditch Triangle, bounded by Old Street to the north, Shoreditch High Street to the east and Great Eastern Street to the west, must be prepared to wait.
Shoreditch is entering the next stage of its transformation, with new tower blocks already built, under way or at the planning stage. Some call this the “Canary Wharf-isation” of Shoreditch, claiming it will erase the area’s rough-around-the-edges charm.
What there is to buy in Shoreditch
Shepherdess Walk Buildings in Shepherdess Walk was one of the earliest former industrial buildings to be converted into lofts in the mid-Nineties. A three-bedroom penthouse is for sale there for £3.15 million. The 2,700sq ft home has a large roof terrace, and comes with planning permission for a 1,000sq ft rooftop extension, along with permission to install a lift.
In the heart of the Shoreditch Triangle, a 3,000sq ft, three-bedroom live/work loft in Shoreditch High Street is for sale for £2.5 million. A rare three-bedroom, 2,400sq ft house is for sale for £2.35 million in Shoreditch High Street, with a ground-floor space that could be converted to retail.
One-bedroom flats in the heart of Shoreditch start at around £450,000. First-time buyers and buy-to-let investors often look for “right-to-buy” flats in one of nearby Hoxton’s council blocks. A studio flat on the Cranston Estate in New North Road is for sale for £249,950.
Average prices: buying houses and flats in Shoreditch
One-bedroom flat: £657,000
Two-bedroom flat: £884,000
Three-bedroom flat: £981,000
Source: zoopla.co.uk
Travel
Old Street station is on the Northern line and Shoreditch is on the East London Overground line, connecting to Canary Wharf with a change at Canada Water. Both are Zone 1 stations and an annual travelcard costs £1,284.
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Renting
There are nearly three times as many homes to rent than there are to buy in Shoreditch. Rents range from £1,200 a month for a studio to about £6,000 for a large loft.
A studio in Turville Street is for rent for £1,200 a month, while a three-bedroom unfurnished loft in Chocolate Studios in Shepherdess Place is available at £5,850 a month.
One-bedroom flats range from about £1,200 to £4,500 a month. A one-bedroom flat in Kingsland Road is for rent for £1,257 a month. A one-bedroom triplex flat over three floors of a former warehouse in Great Eastern Street in the heart of Shoreditch is available for £4,333 a month.
Rental yields are below four per cent although many early pioneers who are now renting out are receiving much more.
Average prices: renting houses and flats in Shoreditch
One-bedroom flat: £2,070 a month
Two-bedroom flat: £2,725 a month
Three-bedroom flat: £3,209 a month
Source: zoopla.co.uk
Postcode Shoreditch is at the confluence of more postcodes than any other part of London. The heart of the area is in EC2, which extends into the City. Around Old Street it is EC1, while towards Spitalfields the area goes into E1, and E2 is where Shoreditch meets Bethnal Green. N1 covers Hoxton.
Best roads
Homes in the heart of the Shoreditch Triangle, between Old Street, Shoreditch High Street and Great Eastern Street, are particularly sought after. Also popular are the early loft conversions in the best former industrial buildings, such as Shepherdess Walk Buildings.
The area attracts
There is a mix of buyers, with everyone from successful young entrepreneurs in technology, media and telecommunications, to young graduates buying with help from the Bank of Mum and Dad, to City staff who can walk to work, to overseas students.
Staying power
Shoreditch is essentially a favourite with young adults. Its dense, urban grain doesn’t easily lend itself to family life. However, many of the loft-era pioneers hang on, using their Shoreditch home as a London base, or renting it out.
Up-and-coming areas
Price per square foot in Shoreditch averages around £850, slightly more if there is outside space, slightly less if there is a live/work designation. Price per square foot falls along Hackney Road towards Haggerston, an area which has been overlooked in the rush to move to Dalston. Whitechapel, also feels overlooked.
Schools
Shoreditch’s state primaries are all judged “good” by Ofsted. There are two state comprehensive schools, both of which get good results at GCSE — Central Foundation Boys’ (ages 11 to 18) in Cowper Street, judged “good”, and Bethnal Green Academy (co-ed, ages 11 to 18) in Gossett Street, judged “outstanding”.
There is one private primary school, The Lyceum (co-ed, ages three to 11) in Paul Street. The two City of London schools, in the City, are high-achieving private schools. The girls’ school (ages seven to 18) is in Barbican, while the boys’ school (ages 10 to 18) is in Queen Victoria Street.
via: https://www.homesandproperty.co.uk
Miss. Claire White
W. Why Media
E. claire@whymedia.com