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tall towers


The better the view, the higher theprice.That’sthe verdicton high-riselivingfrom property specialistsCBREwhich published a newstudy into the cost of flats in London’s tallest towers in February.AccordingtoCBRE’s research, thevalue of flats in London’s increasingly popular residentialtowersgoesupbyan average of 1.5%per floor. Flats in residential towers are


ThecosTofhighriselife Says CBRE,London’s Strata


also estimatedtocarry an average pricepremiumof 36%morethan lowrisenew buildhomes.


correcTions In the last issue of Flat Living weomittedatelephone number fromMark Chick’s article (Does our Block Qualify?) on page 55.Pleasenote that thecorrect telephone number for Bishop Sewell LLP is 02076314141. Formore information, go to their website atwww.bishopandsewell. co.uk


Readersmay also have noticed an errorinthe final calculation on page 57 of thelastissue (Showmethemoney). The calculationworkedbyEvelyn Levisohn reads: Thismakes the sum Loss of reversion £8,299 + loss of ground rent £7,143 + hope value £1,429 = £11,144


Thecorrectversionshouldbe: Thismakes the sum Loss of reversion £8,299 + Loss of groundrent£1,416+Hope value £1,429=£11,144 Weapologise for anyconfusion this may have caused.


eNerGY WarmerflaTsinWesTsussex


Thousandsofhomes acrossWest Sussex have been offered the opportunitytosaveupto£200a year on their gas and electricity bills thanks to theWarmerWest Sussex scheme. WarmerWest Sussex has


been providing residents with a free homevisit from a qualified energy expert to assess ways inwhichthe energy efficiency of their


Flat Living Spring2012


homes can be improved to result in warmer homes, and to ensure they arereceiving all thehelptheyare entitled to. FPRA chairmanBob


Smytherman said: “Weverymuchwelcome


this initiative inWest Sussex as insulating blocks of flats is notasstraightforward as in freehold houses... Forverygood reasons,most leases provide


forservice charges to be levied for repair andmaintenance of existing facilities only andmake no provision for ‘improvements’ such as cavity wall or loft insulation. “Later this year thetypical


flatowner is likelytofind that despitethe Government’s new ‘Green Deal’theywillnot be able to installloftinsulationor cavitywall insulation because


theroofspace andthe cavities in theexternalwalls belong to the ground landlord, andnot to him or herand thereforewehavebeen urgingWest Sussex flatownersto take advantage of this excellent schemebefore it’s too late…” Theschemeclosedatthe end


ofMarch but the FPRA hopes thegovernmentwillextend the funding to help more home owners.


11


SE1inElephantand Castle carries thehighest premium, with flats costing 68.4%above thelocalaverage (toreadmore aboutLondon’s tallest residential tower, go to pages 15-17ofthis issue).The Strata Towerisclosely followed by PanPeninsula in CanaryWharf at 57.1%above average. The biggest floor price premiumrecorded by CBRE was at Altitude 25 in Croydon and the smallest was at The LandMark andDiscovery Dock in Canary


Wharf. Floor price premiums were reported to vary from1.3% to 2.2%. Commenting on the


findings, Jennet Siebrits,head of residential research at CBRE said: “Unlike the high rise blocks of


the 1960s, tower developments nowsymbolize luxury living and can add substantial value. They have beendesignedbyfamous architects to be provocative and iconic in a way that enhances theirbrand.


“The resurgence over the


last10years has recently accelerated becausedemand fromSouthEastAsian investorshas becomeadriving force in the market. Attributes likeview, aspect, privacyand exclusivityare allenhanced by storey height andasresult apartment pricing increases fromfloor to floor.” Theresearchlookedat1,226


apartments across sixrecently completed residential towers in London.


Making the most of


your balcony? stephreid wants to hear fromyou


research hoWdoyouuseyourbalcony?


Does your flathaveabalcony and if so,whatdoyou do with it?Isit simply used forstorage,hanging out the washing or have you created a beautiful outside space to sit inwhen the sun goes down? However you use your balcony,


postgraduatestudent StephReid wants to know aboutitaspart


of herMAat London Southbank University. Homeowners and tenants


cantakepartinSteph’s project by visiting her website and filling in a simple form. If you arereallyinspiredyou caneven submit aphoto or shortvideo! Stephassuresusthatall personal


detailswillberemoved before anything is displayedonthe internet. If you don’t have a balcony of your own but would still like to contribute, you are also invited to leave a comment on thewebsite.Tofind outmore, or to take part in theproject, go to:www.myurbanbalcony.co.uk


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