Young, London based, business entrepreneurs, some in their late 20s, have purchased the entire Phase 1 penthouse release – consisting of eight luxury penthouses, with a combined sales value of £36.6 million – at the flagship Islington Square mixed-use development located behind Upper Street in the heart of London’s fashionable Islington.
Developed by Cain International and Sager Group, in association with Galliard Homes, Islington Square is the £400 million transformation of the Royal Mail’s North London Mail Centre, originally built in 1904-1906, into a new 4.5 acre Covent Garden like destination for London.
With a masterplan by award winning architect Piers Gough of CZWG Architects Islington Square provides three statement residential buildings bordered by pedestrian boulevards and squares, offering 263 new homes, 108 serviced apartments and 170,000 square feet of quality retail, dining and leisure amenities including a luxury heath club, Third Space, and The Lounge cinema by Odeon.
The penthouse collection at Islington Square offers the pinnacle of London living, with design-led luxury homes offering buyers an abundance of lateral living space, opening onto private roofgardens, each with private swimming pools. The entire Phase 1 release of the penthouses has sold off-plan achieving values of up to £2,250 per sqft.
Galliard Homes reveal that all the penthouse buyers to date are young, London based, business entrepreneurs, aged from their late 20s to early 40s, who have their own businesses or senior positions within the legal, IT, media and property professions.
David Galman, Sales Director at Galliard Homes says that 80% of Islington Square’s penthouse buyers have relocated from period three-storey townhouses in the local Islington area. David comments: “The young entrepreneurs have “traded-up” to the penthouses at Islington Square, swapping multi-floor accommodation for lateral living on one level, with outside roofgardens and private swimming pools and hotel style concierge management. It’s a bit of Los Angeles style living brought to London. The buyers have also been attracted by the lifestyle brands at the development such Third Space and Odeon Lounge.”