Londoners have long been prepared to pay a premium for haying their own private patch of outside space. But with about 40 per cent of the ‘ city’s population now living in flats, that space is as likely to be a balcony or roof terrace as a conventional garden. And – as elevations rise – so too do buyer expectations and the values put on such space.
These days, people are no longer satisfied with a balcony on which they can only squeeze a chair or pot plant, says Karen Howes, of Taylor Howes Designs, a company which works with developers and individual clients to create cutting-edge balcony and terrace spaces.
Instead, they want outdoor space to make a statement and blend with interior living accommodation. ‘People are commissioning water features, sound systems, mood lighting – even bars, outdoor kitchens and conservatories,’ she says.
According to estate agents Hurford Salvi Carr, balconies have overtaken garages as the must-have in Central London. A typical balcony, says HSC’s David Salvi, adds an average of £12,500 to the value of a home, and up to £20,000 if it comes with a view. An average-sized terrace could add £50,000, but if it is very large it could be worth upwards of £100,000 on a premium penthouse.
People will pay more for outside space because of the value it gives them, says Salvi. ‘Even first-time buyers who have been priced out of the garden-flat market want flats with balconies.
His agency recently achieved close to the benchmark £3 million asking price for a stunning seventh-floor penthouse with panoramic views and a terrace of 1,350 sqft at One Brit-ton Street in Clerkenwell. Wrapping around the curved glass walls of the penthouse, the terrace features a blue-lit bubbling water feature and sail-shaped canopy.
Meanwhile, The View – an iconic refurbished Sixties apartment block in Victoria – has a £3.5 million 15th and 16th-floor penthouse with a state-of-the-art enclosed courtyard and upper-level viewing platform. Once home to the novelist Jackie Collins, it has been updated by developer Land Securities so sliding glass walls and shutters between the courtyard and living areas blend both spaces for year-round use.
At St George’s Battersea Reach riverside development, Lorraine and Daryl Dob use’their seventh-floor terrace as an extra room and have accessorised it with a granite-topped drinks bar, fridge and double hammock.
‘We’re out there all the time,’ says Lorraine. ‘When friends come round,
we’ll pop open a bottle of champagne regardless of the weather and in winter we’ll sit out on the hammock with a big cosy blanket and hot chocolate.’
The Dobs, both in their 40s, bought their three-bedroom flat off-plan. ‘We didn’t realise quite how breathtaking the views were until the building was completed,’ says Lorraine. ‘The river curves around us so we look out over a constantly changing landscape, with boats passing by and fantastic sunsets.’
For Daryl, an anaesthetist, and Lorraine, who worked in sales and marketing before becoming a full-time mum to the couple’s baby daughter Isis, outside space was very important. Their previous flat across the river had a small balcony but they wanted more space that would also be easy to maintain. ‘This was exactly what Battersea Reach offered and it was very good value compared with other riverside developments we saw, where there was just enough room outside for a table and a couple of pot plants,’ says Lorraine.
Prices for flats with balconies at Baltimore House – the third tiered tower under construction at the 658-home Battersea Reach – start at £419,950 for two bedrooms. Three-bedroom units with terraces cost from £639,950, and penthouses – which launch this autumn – will have almost as much external as internal living space. Nearby, many of the 124 flats at Georee
Wimpey’s 17-storey Falcon Wharf complex have innovative glazed terraces. Some residents are using them as conservatories, while Taylor Howes is adapting others for uses including an artist’s studio, yoga chill-out room and home office. Prices at Falcon Wharf range from £315,000 for one bedroom to £855,000 for three.
On the north bank of the river, developer St George is building some of the biggest terraces in town at Imperial Wharf. Two £2.75million penthouses will have alfresco living space of between 3,000 and 5,000sqft, accessorised with sunrooms and pergolas.
For developer Urban Life, adding south-facing terraces to most of the 14 flats at its 34 Bromells Road scheme in Clapham made perfect sense, says project co-ordinator Rachel Stillwell. ‘We had plenty of outside space so it cost us very little to build terracing, but it’s made the flats far more desirable.’
Indeed, she says, the flats with terraces are about £45,000 more expensive than those without. The remaining two-bedroom flats with terraces start at £475,000, and Rachel and her fiance, Transport for London Press officer James Simpson, both 30, have bought a one-bedroom home for themselves.
Their first-floor flat has floor-to-ceiling French doors that open on
to a 15ft wide terrace overlooking the communal gardens at the rear. ‘There’s something very relaxing about having your own outside space – and it also helps saleability,’ says Rachel. ‘The scheme is gated so we can sleep with the doors open and walk on to the terrace for coffee in the morning. Most nights, we light up the barbecue and cook
out there – and being outside is e great way to meet the neighbours.’
Bromells Road: Savills,
020 7409 8787; Battersea Reach:
020 7978 4141; Falcon Wharf:
Hamptons International,
0870 990 7599; The View: Savills,
020 7931 9007; Imperial Wharf:
020 7610 9693.