London new homes scheme could push City fringe prices higher

Housing provider Affinity Sutton and new homes developer Mount Anvil believe that the values of homes located in the City fringes of the centre of London could reach new heights next year thanks to the introduction of a new landmark development called Silicon Tower.

The two companies plan to develop the new homes on 261 City Road, London, EC1, in a joint venture. Skidmore, Owings & Merrill Architects, who designed the world's tallest building, Burj Khalifa in Dubai, has already been appointed as architects for the delivery of the scheme.

261 City Road will comprise 307 residential apartments, including 107 affordable homes which will be managed by Affinity Sutton, alongside 785sqm of mixed-use commercial space. Arranged around a landscaped courtyard, the apartments will have direct views over the City Road Basin. There are plans to include a private residents' spa within the scheme.

Killian Hurley, chief Executive of Mount Anvil, predicts the development will deliver an uplift in prices for the City fringes.

He said: "We aim to capture all the excitement and buzz surrounding the businesses and people working and investing in Silicon Roundabout. Our scheme will reflect this energy and creativity through bold, innovative design. We are confident that the penthouses will be selling at£1,500 per sq ft, setting new price levels for high-rise living in the area. This will be the ultimate city apartment in a dazzling tower."

"261 City Road is our eighth scheme in Islington. We have been at the forefront of regeneration in the borough since 2000 and currently have nearly 1,000 homes in development."

Kerry Kyriacou, group director of New Business and Development at Affinity Sutton, said: "We are really excited about providing well designed affordable new housing in such a vibrant part of the city that will also contribute to London's housing needs and are delighted that the project includes high quality affordable housing. We are delighted to be working with Mount Anvil and we are an active developer in our own right with 6000 new homes in development."