First-time home buyers get chocolate' blocks to beat the crunch
PUBLISHED: 10:57 03 September 2008 | UPDATED: 13:35 05 October 2010
PROPERTIES may be hard to come by for East London's first-time buyers with the credit crunch putting a block' on easy mortgages. But now they are being offered chocolate' blocks to get them through the mortgage barriers—a new development on the site of an old chocolate factory built in 1897
PROPERTIES may be hard to come by for East London’s first-time buyers with the credit crunch putting a block’ on easy mortgages.
But now they are being offered chocolate’ blocks to get them through the mortgage barriers.
The blocks are a new development of luxury flats in Bow—on the site of the old Taylor Brothers chocolate factory built in 1897.
Each block is being named after a confectionery by the developers.
And its all being furnished to taste’ in (guest what) a range of chocolate and cream shades.
“The idea is that a part of the history of the area is remembered,” explained developers’ publicist Jonathan Davies.
“The internal decor has the chocolate-and-cream theme as well.
“Maybe the quirky chocolate theme as well as the quality of the property would interest buyers.”
The developers, East Homes, are releasing 158 apartments on Saturday (September 6) at Taylor-place, overlooking the River Lea near Bow Bridge—just a javelin’s throw from the 2012 Olympics site.
Around two-thirds are up for grabs under a shared ownership’ scheme for those who can’t afford a home on the open market to buy a 25 and 50 per cent share in a flat and pay rent to the housing association on the remainder.
This gives them the chance to inch their way up the property ladder by buying a bigger share as they can afford it.
One-bedroom flats are going for £51,500 for a quarter share, based on a market value of £206,000, while two-bed pads are going for £66,500 for a £266,000 market value.
The original chocolate factory itself is being turned to artists’ studios in a deal with Bow Arts Trust.