Millionaire millennial business entrepreneurs are turning to new build luxury penthouses in Islington as a place to house their newfound wealth.
At the flagship Islington Square mixed-use development, which is located behind Upper Street, eight penthouses have been sold at an average price of £5 million.
Of the eight sales, 80% of the buyers are in their late 20s and are self-made entrepreneurs who have their own IT, media or finance businesses.
Most of the buyers have relocated from period townhouses, swapping multi-level accommodation for lateral living on one floor with access to roof gardens and private rooftop swimming pools.
“Typical penthouse buyers are normally in the 35 to 65 year age range, so it is unusual to get such a young buyer profile for penthouses,” a spokesperson for Galliard Homes said. “But then note that at £5 million to £6 million these Islington penthouses are much more cost effective than their equivalents in Mayfair or Knightsbridge where penthouses are typically priced from £20 million.”
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 into a new 4.5 acre Covent Garden like destination.
There are 263 new homes, 108 serviced apartments and 170,000 square feet of retail, dining and leisure amenities.
The entire phase one release of the penthouses has sold off-plan, achieving values of up to £2,250 per sq ft.
Galliard Homes is now releasing phase two of the penthouse collection, with a total of seven penthouses due for final completion and handover to purchasers at the end of Q1 2019.
Each of the penthouses has a double reception room, family kitchen and breakfast room and three bedrooms, each with luxury ensuite facilities.
The penthouses have access to a 24/7 concierge, as well as underground bike and car parking and an interior-designed feature entrance lobby.
The three-bedroom penthouses are priced from £5,020,900 for a 2,183 sq ft residence with a 1,668 sq ft roof garden with pool. Other apartments are priced from £685,000 for a one-bedroom studio suite.