December 15, 2017
All 116 one- and two-bedroom flats at Riverlight, the last phase of which was completed earlier this year, were bought by people who had registered with the council’s low cost home ownership service.
Last year 90% of shared ownership homes across the borough were bought by people with a local connection, due to Wandsworth being one of only a few councils to prioritise in this way.
Riverlight, which is just down the road from the new US Embassy and Battersea Power Station, is managed by Optivo housing association and was developed in partnership with St James.
All properties come with private balconies or winter gardens, designer kitchens and underfloor heating.
Matthew Andrews, 27, works for the City of London Police and bought a 25% share of a one-bedroom flat at Riverlight Quay last year.
He said: “I was previously renting in Tooting and I am now actually paying a little bit less than I was – this includes part mortgage and part rent. It’s nice knowing that some of my outgoings are being invested in my future!”
With shared ownership, buyers only pay a deposit on the value of the percentage being bought, so a 5% deposit on a 25% share works out as a 1.25% deposit on the total property value.
Cllr Ravi Govindia, Leader of the council, said:
“We’ve said all along that it would be Wandsworth people who benefit from the 4,000 new shared ownership and low cost rent homes being built in the Nine Elms area. Riverlight is a striking development, right beside the river, and there are many more on the way in the years to come.”
James MacPhail, Sales and Marketing Manager for Optivo, said:
“Optivo is very proud to have been involved in the very successful shared ownership development at Riverlight in Nine Elms.
“All 116 shared ownership apartments were sold to people who live or work in Wandsworth who would otherwise not have been able to purchase a home of their own.
“Optivo is committed to continuing to offer this option to the local people of Wandsworth and we will be launching our next shared ownership development at Embassy Gardens in Nine Elms in early 2018.”