10 Park Drive

10 Park Drive nears sell out

03/02/2021 by Buildington
Following the 10 Park Drive launch exhibition at the Mandarin Oriental in Hong Kong, only one studio and eight one-bedroom apartments remain within the fully completed development.

The final studio is priced at £715,000 and the last one-bedroom apartments start from £830,000.

10 Park Drive comprises 74 studios in total, which have proved to be the most popular apartment type, attracting discerning purchasers looking for good investment returns, as well as those desiring a central London pied-à-terre. With only one studio remaining, the developer, Canary Wharf Residential, don’t anticipate it being available for very long.

Brian De’ath, Director of Residential Sales at Canary Wharf Group, said: “We only have a select number of apartment types available now, with the final studio remaining, and don’t anticipate them to be on the market for very much longer, so this really is the last chance to buy.”

Interest in the final homes remaining at 10 Park Drive has been intensified in Asia with the deadline for the introduction of a 2% SDLT surcharge for international buyers fast approaching.

Shrewd investors that complete their purchase before the end of March 2021 are able to benefit from the Stamp Duty holiday (offering a saving of £15,000 upon purchase), save on the planned Stamp Duty surcharge increase for overseas buyers, as well as take advantage of the weak performance of the pound against the dollar in order to maximise their savings.

Prospective purchasers in Hong Kong, who qualify, could also be incentivised by the recently revised BN(O) (British National Overseas) Visa. The Home Office estimate that there are 2.9 million BN(O) citizens eligible to move to the UK, with a further estimated 2.3 million eligible dependants*.

Opening for applications on 31st January 2021, the Hong Kong BN(O) Visa will give BN(O) citizens the ability to apply for up to five years’ leave to remain in the UK with the right to work or study. After five years, there is the option to apply for settlement (also known as indefinite leave to remain) and after a further 12 months, they will be able to apply for full citizenship.

Brian De’ath said: “Where 10 Park Drive is so appealing to international purchasers is that the building is fully completed and they can finalise their purchase relatively quickly. This provides an enticing prospect when looking to buy a new home in the UK ahead of the SDLT increase, which is fast approaching.”

For more information, contact Canary Wharf Residential at www.canarywharf.com/residential

* Home Office, Media Factsheet: Hong Kong BN(O)s
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