Leading developer launches new 223 unit scheme, with 201 homes available using Help to Buy London, following continued demand from first time buyers post-Brexit
Award-winning developer Crest Nicholson is set to launch its new £116 million Dylon Works scheme in Lower Sydenham, London, this November. Dylon Works will see the site of the former DYLON textiles dyeing factory transformed into a modern, high quality, mixed–use development targeted at first time buyers. It will comprise 223 private residential apartments, retail space, a café and a crèche accommodating up to 80 children.
Located in London’s Zone 4, the £116m development reinforces the developer’s focus on land acquisitions in outer London, where sites provide first time buyers with affordable home ownership options and good connectivity to the Capital. This most recent launch comes in light of the ongoing sales success at existing sites in Wood’s Road, Peckham, and Evoco, West Wickham.
These sites have experienced continued demand from first time buyers since the Brexit referendum, with properties selling fast as those keen to get on the property ladder take advantage of Help to Buy London. Since its launch in late July 2016, 28 units at Wood’s Road were sold in the first 12 weeks, with 100% of properties sold to first time buyers. At the now sold-out Evoco, 95% of the apartments have been sold using Help to Buy London to local first time buyers.
Dylon Works will see 201 of the 223 units available as part of the popular Help to Buy initiative aimed at supporting first time buyers get on the property ladder. Prospective purchasers will need to secure funding for just £228K for a one-bedroom apartment when purchased in conjunction with a 40% Help to Buy equity loan. The development benefits from excellent connectivity to central London and is just 16 minutes by train to London Bridge from Lower Sydenham railway station. Spread over eight storeys, with a staggered roof scape to ensure all apartments command great views, all properties will benefit from private balconies or terraces, a car parking space and a communal central landscaped gardens.
Stephen Stone, Chief Executive of Crest Nicholson, said: “In a post-Brexit market we have experienced continued demand, particularly from first time buyers. As the fundamentals of the housing market remain unaffected by the UK voting to leave the EU, and with market indicators showing that buyers are still keen to buy, we are continuing our focus to best serve this ever-growing section of the market.
“Frequently cited as one of London’s up-and-coming areas, we are very pleased to bring our state-of-the-art Dylon Works development to Sydenham. Delivering modern, affordable, well designed housing has never been more important and we look forward to bringing a large volume of properties to the first time buyer market in Sydenham and other similar locations in outer London and beyond.”
For more information, please visit: www.crestnicholson.com/developments/dylon-works/